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 Add Market Clues Blog to My Yahoo!Links: MyClues Home Page Thermopower, a breakthrough alternative energy, carbon-free and completely clean RSS Feed Market Clues Subscription Information Page Time & Cycles TFNN - Tom O'Brien T Theory - Terry Laundry Elliott Wave International's Market Report My Yahoo! Google News "If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around [the banks], will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered." "I place economy among the first and most important republican virtues, and public debt as the greatest of the dangers to be feared. To preserve our independence, we must not let our rulers load us with perpetual debt." --Thomas Jefferson |
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Sunday, August 31, 2008
Tweedle-Dees Versus Tweedle-Dums
After last week, we know the names of the players in this year's contest of figureheads to represent the puppet masters who pull the strings behind the scenes in Washington. The US now enters a televised beauty contest period to see which set of dogheads have more appeal to the masses. At the end of the campaign, voters will be asked to choose their favorite personalities to deliver the messages carefully written for them by the Power Elites of this plutocracy.
The more things change, the more they remain the same. But, for something completely different this time, we will either have an African-American puppet residing in the White House (in fact, one of only a very few persons around who can rightfully claim that title since his father was truly born in Africa and his mother in America), or we will have a woman residing at the Naval Observatory. We can conclude that the puppet masters have realized that the public has grown weary of the same old white male puppets and want to change the sex or color of their marionettes.
This is just another way of saying that there is no real difference between the parties and their nominees. The puppet masters are giving us some variety in their selections, but down deep, you have to understand that it's a power game to them. These puppets they choose are simply playing the parts their scripwriters have made them for. The end result will be no different in the end. The campaign is simply a version of "American Idol" to fool most of the people most of the time.
Last week, the puppet masters told us that the economy is growing at a robust rate of 3.3% per annum, but that the average voter's income is dropping like a rock while prices are rising faster than at any time in the last two decades. If that doesn't tell you something is extremely wrong with America, please remember to vote in the Presidential Election. And, be sure to buy a lottery ticket in case that doesn't work.
Friday's market gave back most of the week's gains:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | -1.47% | -171.63 |
| DIAMONDS TRUST SER 1 (DIA) | -1.26% | -147.12 |
| Ultra Dow30 ProShares (DDM) | -2.52% | -295.75 |
| UltraShort Dow30 ProShares (DXD) | +2.46% | +288.19 |
| S&P 500 (index) | -1.37% | -160.87 |
| S& P DEP RECEIPTS (SPY) | -1.11% | -130.53 |
| Ultra S&P500 ProShares (SSO) | -2.23% | -261.08 |
| UltraShort S&P500 ProShares (SDS) | +2.15% | +251.45 |
| NYSE Composite (index) | -0.99% | -116.25 |
| ISHARES NYSE CMP IDX (NYC) | -0.49% | -57.38 |
| S&P SmallCap 600 (index) | -1.01% | -118.56 |
| Ultra SmallCap 600 ProShares (SAA) | -1.74% | -203.58 |
| Short SmallCap 600 ProShares (SBB) | +0.99% | +116.14 |
| UltraShort SmallCap 600 ProShares (SDD) | +1.87% | +218.79 |
| Russell 2000 (index) | -1.11% | -129.87 |
| ISHARE RUS 2000 INDX (IWM) | -0.86% | -100.63 |
| Ultra Russell 2000 ProShares (UWM) | -1.43% | -168.04 |
| UltraShort Russell 2000 ProShares (TWM) | +1.40% | +163.49 |
| NASDAQ-100 (index) | -2.28% | -266.53 |
| NASDAQ 100 TR SER I (QQQQ) | -2.10% | -246.19 |
| Ultra QQQ ProShares (QLD) | -3.31% | -387.59 |
| UltraShort QQQ ProShares (QID) | +3.10% | +362.88 |
| S&P MidCap 400 (index) | -1.14% | -133.34 |
| ISHARE SP MC 400 INX (IJH) | -1.07% | -125.31 |
| Ultra MC400 ProShares (MVV) | -2.10% | -245.89 |
| UltraShort MC400 ProShares (MZZ) | +2.06% | +240.75 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | -0.09% | -11.07 |
| Amex Gold (index) | -1.19% | -139.05 |
| MKT VECT GOLD MNRS (GDX) | -1.05% | -123.48 |
| STREETTRACKS GOLD TR (GLD) | -0.57% | -67.00 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | +0.92% | +107.78 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | -0.83% | -97.36 |
| Semiconductor Sector (index) | -2.76% | -323.21 |
| Ultra Semiconductors ProShares (USD) | -4.66% | -546.25 |
| UltraShort Semiconductors ProShares (SSG) | +4.40% | +515.39 |
| ISHARE DJ FIN SC INX (IYF) | -0.29% | -33.92 |
| ISHARES LEHMAN 20 YR (TLT) | -0.45% | -52.20 |
| ISHARESLEHMAN 7-10YR (IEF) | -0.12% | -14.40 |
| ISHARES LEH AGG FD (AGG) | -0.03% | -3.49 |
| ISHARES GS $ INVEST (LQD) | -0.20% | -23.14 |
| ISHARES LEHMAN 1-3YR (SHY) | +0.05% | +5.64 |
| ProShares ETFs | ||
| UltraShort Lehman 7-10 Year Treasury ProShares (PST) | +0.42% | +48.83 |
| UltraShort Lehman 20+ Year Treasury ProShares (TBT) | +0.94% | +110.20 |
| Short QQQ ProShares (PSQ) | +2.25% | +263.85 |
| Short Dow30 ProShares (DOG) | +1.27% | +148.23 |
| Short S&P500 ProShares (SH) | +1.21% | +141.23 |
| Short MC400 ProShares (MYY) | +1.02% | +119.46 |
| Short SmallCap 600 ProShares (SBB) | +0.99% | +116.14 |
| Short Russell 2000 ProShares (RWM) | +1.15% | +134.79 |
| UltraShort QQQ ProShares (QID) | +3.10% | +362.88 |
| UltraShort Dow30 ProShares (DXD) | +2.46% | +288.19 |
| UltraShort S&P500 ProShares (SDS) | +2.15% | +251.45 |
| UltraShort MC400 ProShares (MZZ) | +2.06% | +240.75 |
| UltraShort SmallCap 600 ProShares (SDD) | +1.87% | +218.79 |
| UltraShort Russell 2000 ProShares (TWM) | +1.40% | +163.49 |
| UltraShort Russell 1000 Value ProShares (SJF) | +1.56% | +183.09 |
| UltraShort Russell 1000 Growth ProShares (SFK) | +2.65% | +310.07 |
| UltraShort Russell MidCap Value ProShares (SJL) | +1.00% | +117.15 |
| UltraShort Russell MidCap Growth ProShares (SDK) | +2.27% | +265.44 |
| UltraShort Russell 2000 Value ProShares (SJH) | +2.12% | +248.28 |
| UltraShort Russell 2000 Growth ProShares (SKK) | +1.98% | +232.36 |
| UltraShort Basic Materials ProShares (SMN) | +2.33% | +272.85 |
| UltraShort Consumer Goods ProShares (SZK) | +2.13% | +249.87 |
| UltraShort Consumer Services ProShares (SCC) | +1.80% | +210.41 |
| UltraShort Financials ProShares (SKF) | -0.02% | -2.01 |
| UltraShort Health Care ProShares (RXD) | +1.04% | +122.36 |
| UltraShort Industrials ProShares (SIJ) | +2.42% | +283.04 |
| UltraShort Oil & Gas ProShares (DUG) | +2.04% | +239.08 |
| UltraShort Real Estate ProShares (SRS) | +1.55% | +181.75 |
| UltraShort Semiconductors ProShares (SSG) | +4.40% | +515.39 |
| UltraShort Technology ProShares (REW) | +4.74% | +555.16 |
| UltraShort Utilities ProShares (SDP) | +3.24% | +379.98 |
| Short MSCI Emerging Markets ProShares (EUM) | +1.22% | +142.46 |
| Short MSCI EAFE ProShares (EFZ) | +0.29% | +33.77 |
| UltraShort MSCI EAFE ProShares (EFU) | +0.65% | +76.41 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | +2.24% | +262.68 |
| UltraShort MSCI Japan ProShares (EWV) | -1.84% | -215.68 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | +1.46% | +171.24 |
| Ultra QQQ ProShares (QLD) | -3.31% | -387.59 |
| Ultra Dow30 ProShares (DDM) | -2.52% | -295.75 |
| Ultra S&P500 ProShares (SSO) | -2.23% | -261.08 |
| Ultra MC400 ProShares (MVV) | -2.10% | -245.89 |
| Ultra SmallCap 600 ProShares (SAA) | -1.74% | -203.58 |
| Ultra Russell 2000 ProShares (UWM) | -1.43% | -168.04 |
| Ultra Russell 1000 Value ProShares (UVG) | -1.85% | -217.25 |
| Ultra Russell 1000 Growth ProShares (UKF) | -2.18% | -255.12 |
| Ultra Russell MidCap Value ProShares (UVU) | -1.45% | -169.75 |
| Ultra Russell MidCap Growth ProShares (UKW) | -1.32% | -154.52 |
| Ultra Russell 2000 Value ProShares (UVT) | -2.21% | -258.80 |
| Ultra Russell2000 Growth ProShares (UKK) | -2.66% | -311.06 |
| Ultra Basic Materials ProShares (UYM) | -2.37% | -277.97 |
| Ultra Consumer Goods ProShares (UGE) | -1.94% | -227.81 |
| Ultra Consumer Services ProShares (UCC) | -1.75% | -205.53 |
| Ultra Financials ProShares (UYG) | -0.23% | -27.33 |
| Ultra Health Care ProShares (RXL) | -2.00% | -234.23 |
| Ultra Industrials ProShares (UXI) | -2.43% | -285.14 |
| Ultra Oil & Gas ProShares (DIG) | -1.78% | -208.36 |
| Ultra Real Estate ProShares (URE) | -1.95% | -228.78 |
| Ultra Semiconductors ProShares (USD) | -4.66% | -546.25 |
| Ultra Technology ProShares (ROM) | -3.92% | -459.04 |
| Ultra Utilities ProShares (UPW) | -3.51% | -411.09 |
| Other ETFs | ||
| PowerShares DB Crude Oil Double Short (DTO) | 0.00% | 0.00 |
| PowerShares DB Crude Oil Short (SZO) | -0.97% | -113.58 |
| PowerShares DB Crude Oil Double Long (DXO) | +0.33% | +38.49 |
| PowerShares DB Crude Oil Long (OLO) | +0.09% | +10.83 |
Additional stock market commentary -- for subscribers only -- can be found here: Subscriber Notes (if you're reading this in plain text format or on the blog, visit the MyClues Home Page and click on "Subscriber Notes" in the Quick Links section at the top of the page).
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· Quarter-Hourly Chart Comments
· Detailed Comments . . . .
Friday, August 29, 2008
Short Covering Pushes Stocks Higher
As two major hurricanes aim for the heart of the tender underbelly of oil- and gas-addicted America, speculators on Wall Street celebrated the potential cutoff in vital energy supplies by pushing stock prices higher on Thursday. Or, was it the seemingly contradictory GDP data designed to give the impression of a robustly-growing economy when the reality is far worse? Cleverly-designed but false, politically-massaged reports from the government were enough of a catalyst to keep the roulette wheel spinning---the gambling casino is alive and well and living in New York City:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | +1.85% | +212.67 |
| DIAMONDS TRUST SER 1 (DIA) | +1.70% | +195.87 |
| Ultra Dow30 ProShares (DDM) | +3.72% | +427.60 |
| UltraShort Dow30 ProShares (DXD) | -3.35% | -385.85 |
| S&P 500 (index) | +1.23% | +141.26 |
| S& P DEP RECEIPTS (SPY) | +1.26% | +144.99 |
| Ultra S&P500 ProShares (SSO) | +2.41% | +277.53 |
| UltraShort S&P500 ProShares (SDS) | -2.48% | -284.71 |
| NYSE Composite (index) | +1.39% | +160.18 |
| ISHARES NYSE CMP IDX (NYC) | +1.23% | +141.08 |
| S&P SmallCap 600 (index) | +1.69% | +194.29 |
| Ultra SmallCap 600 ProShares (SAA) | +3.45% | +396.49 |
| Short SmallCap 600 ProShares (SBB) | -1.30% | -150.06 |
| UltraShort SmallCap 600 ProShares (SDD) | -3.77% | -433.93 |
| Russell 2000 (index) | +1.81% | +208.57 |
| ISHARE RUS 2000 INDX (IWM) | +2.03% | +233.11 |
| Ultra Russell 2000 ProShares (UWM) | +3.62% | +416.44 |
| UltraShort Russell 2000 ProShares (TWM) | -3.91% | -449.18 |
| NASDAQ-100 (index) | +0.25% | +28.93 |
| NASDAQ 100 TR SER I (QQQQ) | +0.81% | +93.54 |
| Ultra QQQ ProShares (QLD) | +0.56% | +64.03 |
| UltraShort QQQ ProShares (QID) | -0.61% | -69.71 |
| S&P MidCap 400 (index) | +1.57% | +180.99 |
| ISHARE SP MC 400 INX (IJH) | +1.59% | +183.23 |
| Ultra MC400 ProShares (MVV) | +3.31% | +380.97 |
| UltraShort MC400 ProShares (MZZ) | -3.32% | -381.58 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | -1.43% | -164.32 |
| Amex Gold (index) | +0.52% | +59.30 |
| MKT VECT GOLD MNRS (GDX) | +0.40% | +45.65 |
| STREETTRACKS GOLD TR (GLD) | +1.01% | +115.93 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | -1.45% | -166.85 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | +1.86% | +214.21 |
| Semiconductor Sector (index) | +1.12% | +128.87 |
| Ultra Semiconductors ProShares (USD) | +1.97% | +227.07 |
| UltraShort Semiconductors ProShares (SSG) | -1.46% | -167.99 |
| ISHARE DJ FIN SC INX (IYF) | +3.91% | +449.95 |
| ISHARES LEHMAN 20 YR (TLT) | +0.01% | +1.22 |
| ISHARESLEHMAN 7-10YR (IEF) | -0.15% | -16.69 |
| ISHARES LEH AGG FD (AGG) | +0.09% | +10.28 |
| ISHARES GS $ INVEST (LQD) | -0.02% | -2.27 |
| ISHARES LEHMAN 1-3YR (SHY) | -0.05% | -5.53 |
| ProShares ETFs | ||
| UltraShort Lehman 7-10 Year Treasury ProShares (PST) | +0.31% | +36.07 |
| UltraShort Lehman 20+ Year Treasury ProShares (TBT) | +0.03% | +3.55 |
| Short QQQ ProShares (PSQ) | -0.76% | -87.05 |
| Short Dow30 ProShares (DOG) | -1.81% | -208.32 |
| Short S&P500 ProShares (SH) | -1.44% | -165.36 |
| Short MC400 ProShares (MYY) | -1.55% | -178.80 |
| Short SmallCap 600 ProShares (SBB) | -1.30% | -150.06 |
| Short Russell 2000 ProShares (RWM) | -2.02% | -232.45 |
| UltraShort QQQ ProShares (QID) | -0.61% | -69.71 |
| UltraShort Dow30 ProShares (DXD) | -3.35% | -385.85 |
| UltraShort S&P500 ProShares (SDS) | -2.48% | -284.71 |
| UltraShort MC400 ProShares (MZZ) | -3.32% | -381.58 |
| UltraShort SmallCap 600 ProShares (SDD) | -3.77% | -433.93 |
| UltraShort Russell 2000 ProShares (TWM) | -3.91% | -449.18 |
| UltraShort Russell 1000 Value ProShares (SJF) | -3.50% | -403.13 |
| UltraShort Russell 1000 Growth ProShares (SFK) | -2.00% | -230.11 |
| UltraShort Russell MidCap Value ProShares (SJL) | -3.55% | -408.07 |
| UltraShort Russell MidCap Growth ProShares (SDK) | -2.72% | -312.99 |
| UltraShort Russell 2000 Value ProShares (SJH) | -4.67% | -537.14 |
| UltraShort Russell 2000 Growth ProShares (SKK) | -3.30% | -379.65 |
| UltraShort Basic Materials ProShares (SMN) | -3.64% | -418.27 |
| UltraShort Consumer Goods ProShares (SZK) | -1.65% | -189.47 |
| UltraShort Consumer Services ProShares (SCC) | -3.99% | -459.38 |
| UltraShort Financials ProShares (SKF) | -7.43% | -854.07 |
| UltraShort Health Care ProShares (RXD) | -1.57% | -180.58 |
| UltraShort Industrials ProShares (SIJ) | -4.97% | -571.60 |
| UltraShort Oil & Gas ProShares (DUG) | +1.26% | +144.69 |
| UltraShort Real Estate ProShares (SRS) | -6.70% | -770.22 |
| UltraShort Semiconductors ProShares (SSG) | -1.46% | -167.99 |
| UltraShort Technology ProShares (REW) | -1.81% | -208.04 |
| UltraShort Utilities ProShares (SDP) | -0.63% | -72.58 |
| Short MSCI Emerging Markets ProShares (EUM) | -0.49% | -55.95 |
| Short MSCI EAFE ProShares (EFZ) | -1.47% | -168.58 |
| UltraShort MSCI EAFE ProShares (EFU) | -2.59% | -297.79 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | -1.32% | -152.20 |
| UltraShort MSCI Japan ProShares (EWV) | -1.69% | -194.94 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | +2.40% | +276.35 |
| Ultra QQQ ProShares (QLD) | +0.56% | +64.03 |
| Ultra Dow30 ProShares (DDM) | +3.72% | +427.60 |
| Ultra S&P500 ProShares (SSO) | +2.41% | +277.53 |
| Ultra MC400 ProShares (MVV) | +3.31% | +380.97 |
| Ultra SmallCap 600 ProShares (SAA) | +3.45% | +396.49 |
| Ultra Russell 2000 ProShares (UWM) | +3.62% | +416.44 |
| Ultra Russell 1000 Value ProShares (UVG) | +4.28% | +492.13 |
| Ultra Russell 1000 Growth ProShares (UKF) | +1.77% | +203.53 |
| Ultra Russell MidCap Value ProShares (UVU) | +3.69% | +423.92 |
| Ultra Russell MidCap Growth ProShares (UKW) | +2.47% | +284.29 |
| Ultra Russell 2000 Value ProShares (UVT) | +5.22% | +600.90 |
| Ultra Russell2000 Growth ProShares (UKK) | +3.76% | +432.31 |
| Ultra Basic Materials ProShares (UYM) | +1.76% | +202.67 |
| Ultra Consumer Goods ProShares (UGE) | +1.41% | +161.75 |
| Ultra Consumer Services ProShares (UCC) | +3.93% | +451.71 |
| Ultra Financials ProShares (UYG) | +7.31% | +840.95 |
| Ultra Health Care ProShares (RXL) | +1.61% | +184.67 |
| Ultra Industrials ProShares (UXI) | +4.43% | +509.73 |
| Ultra Oil & Gas ProShares (DIG) | -1.84% | -211.19 |
| Ultra Real Estate ProShares (URE) | +6.95% | +799.42 |
| Ultra Semiconductors ProShares (USD) | +1.97% | +227.07 |
| Ultra Technology ProShares (ROM) | +1.13% | +130.23 |
| Ultra Utilities ProShares (UPW) | +1.03% | +119.02 |
| Other ETFs | ||
| PowerShares DB Base Metals Double Short (BOM) | +3.08% | +354.18 |
| PowerShares DB Base Metals Short (BOS) | +0.91% | +105.13 |
| PowerShares DB Crude Oil Double Short (DTO) | +4.13% | +475.16 |
| PowerShares DB Crude Oil Short (SZO) | +2.27% | +260.68 |
| PowerShares DB Crude Oil Double Long (DXO) | -4.85% | -557.44 |
| PowerShares DB Crude Oil Long (OLO) | -1.68% | -193.45 |
Additional stock market commentary -- for subscribers only -- can be found here: Subscriber Notes (if you're reading this in plain text format or on the blog, visit the MyClues Home Page and click on "Subscriber Notes" in the Quick Links section at the top of the page).
Is Your ISP Censoring Your Email? Internet email is dying, being choked to death by spam and overzealous service providers. If you're not getting these updates via email and you should be, switch to RSS, the spam-free alternative. For instructions, just visit: http://www.marketclues.net/rss.html.
Subscriber Links: MyClues Home
· Quarter-Hourly Chart Comments
· Detailed Comments . . . .
Wednesday, August 27, 2008
Grand Tour of Gulf Oil
Enjoy relatively low oil prices while they last. That's because the latest hurricane Gustav forecast is calling for it to take a Grand Tour of the oil patch called the Gulf of Mexico. The Global Forecast System is predicting that Gustav will tour the west side of Florida, turn west at the panhandle, sweep through the entire north side of the Gulf of Mexico, then turn south and rake the entire Texas coast.
Now we have to mention that this forecast can change. But, if it's correct (and the last storm's track was forecast almost perfectly by the GFS), we should see oil prices skyrocketing back toward, and possibly beyond, the highs of July.
Stocks traversed the middle of the recent trading range Wednesday as very low volume allowed short term traders considerable "ease of motion":
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | +0.79% | +89.64 |
| DIAMONDS TRUST SER 1 (DIA) | +0.81% | +91.96 |
| Ultra Dow30 ProShares (DDM) | +1.21% | +138.16 |
| UltraShort Dow30 ProShares (DXD) | -1.57% | -179.27 |
| S&P 500 (index) | +0.81% | +92.27 |
| S& P DEP RECEIPTS (SPY) | +0.82% | +94.01 |
| Ultra S&P500 ProShares (SSO) | +1.79% | +204.55 |
| UltraShort S&P500 ProShares (SDS) | -1.62% | -185.27 |
| NYSE Composite (index) | +1.04% | +118.94 |
| ISHARES NYSE CMP IDX (NYC) | +0.99% | +112.79 |
| S&P SmallCap 600 (index) | +1.11% | +127.15 |
| Ultra SmallCap 600 ProShares (SAA) | +2.90% | +330.81 |
| Short SmallCap 600 ProShares (SBB) | -1.67% | -190.96 |
| UltraShort SmallCap 600 ProShares (SDD) | -1.66% | -190.02 |
| Russell 2000 (index) | +1.31% | +149.22 |
| ISHARE RUS 2000 INDX (IWM) | +1.19% | +136.00 |
| Ultra Russell 2000 ProShares (UWM) | +2.32% | +264.79 |
| UltraShort Russell 2000 ProShares (TWM) | -1.82% | -208.05 |
| NASDAQ-100 (index) | +0.61% | +70.06 |
| NASDAQ 100 TR SER I (QQQQ) | +0.65% | +73.74 |
| Ultra QQQ ProShares (QLD) | +1.09% | +123.96 |
| UltraShort QQQ ProShares (QID) | -1.03% | -117.74 |
| S&P MidCap 400 (index) | +1.26% | +143.28 |
| ISHARE SP MC 400 INX (IJH) | +1.07% | +122.50 |
| Ultra MC400 ProShares (MVV) | +1.88% | +214.13 |
| UltraShort MC400 ProShares (MZZ) | -1.79% | -204.80 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | +0.16% | +17.75 |
| Amex Gold (index) | +1.94% | +221.87 |
| MKT VECT GOLD MNRS (GDX) | +2.36% | +268.87 |
| STREETTRACKS GOLD TR (GLD) | +0.16% | +18.26 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | -0.36% | -41.24 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | +0.62% | +71.29 |
| Semiconductor Sector (index) | +0.51% | +58.51 |
| Ultra Semiconductors ProShares (USD) | +2.04% | +232.36 |
| UltraShort Semiconductors ProShares (SSG) | -2.09% | -238.77 |
| ISHARE DJ FIN SC INX (IYF) | +1.63% | +186.14 |
| ISHARES LEHMAN 20 YR (TLT) | +0.17% | +19.41 |
| ISHARESLEHMAN 7-10YR (IEF) | +0.15% | +16.58 |
| ISHARES LEH AGG FD (AGG) | +0.12% | +13.62 |
| ISHARES GS $ INVEST (LQD) | -0.16% | -18.00 |
| ISHARES LEHMAN 1-3YR (SHY) | +0.06% | +6.87 |
| ProShares ETFs | ||
| UltraShort Lehman 7-10 Year Treasury ProShares (PST) | -0.36% | -40.76 |
| UltraShort Lehman 20+ Year Treasury ProShares (TBT) | -0.26% | -29.85 |
| Short QQQ ProShares (PSQ) | -0.66% | -75.82 |
| Short Dow30 ProShares (DOG) | -0.71% | -81.41 |
| Short S&P500 ProShares (SH) | -0.66% | -74.84 |
| Short MC400 ProShares (MYY) | -1.73% | -197.93 |
| Short SmallCap 600 ProShares (SBB) | -1.67% | -190.96 |
| Short Russell 2000 ProShares (RWM) | -1.28% | -145.60 |
| UltraShort QQQ ProShares (QID) | -1.03% | -117.74 |
| UltraShort Dow30 ProShares (DXD) | -1.57% | -179.27 |
| UltraShort S&P500 ProShares (SDS) | -1.62% | -185.27 |
| UltraShort MC400 ProShares (MZZ) | -1.79% | -204.80 |
| UltraShort SmallCap 600 ProShares (SDD) | -1.66% | -190.02 |
| UltraShort Russell 2000 ProShares (TWM) | -1.82% | -208.05 |
| UltraShort Russell 1000 Value ProShares (SJF) | -2.17% | -247.82 |
| UltraShort Russell 1000 Growth ProShares (SFK) | -1.97% | -225.36 |
| UltraShort Russell MidCap Value ProShares (SJL) | -3.31% | -378.02 |
| UltraShort Russell MidCap Growth ProShares (SDK) | -2.60% | -296.44 |
| UltraShort Russell 2000 Value ProShares (SJH) | -2.45% | -280.14 |
| UltraShort Russell 2000 Growth ProShares (SKK) | -2.54% | -289.41 |
| UltraShort Basic Materials ProShares (SMN) | -2.00% | -228.76 |
| UltraShort Consumer Goods ProShares (SZK) | -0.84% | -95.60 |
| UltraShort Consumer Services ProShares (SCC) | -0.84% | -95.68 |
| UltraShort Financials ProShares (SKF) | -3.39% | -386.61 |
| UltraShort Health Care ProShares (RXD) | +0.52% | +58.97 |
| UltraShort Industrials ProShares (SIJ) | -1.18% | -134.79 |
| UltraShort Oil & Gas ProShares (DUG) | -2.51% | -286.57 |
| UltraShort Real Estate ProShares (SRS) | -1.61% | -183.64 |
| UltraShort Semiconductors ProShares (SSG) | -2.09% | -238.77 |
| UltraShort Technology ProShares (REW) | -1.38% | -157.30 |
| UltraShort Utilities ProShares (SDP) | -2.30% | -262.41 |
| Short MSCI Emerging Markets ProShares (EUM) | -2.57% | -292.87 |
| Short MSCI EAFE ProShares (EFZ) | -0.80% | -91.32 |
| UltraShort MSCI EAFE ProShares (EFU) | -1.75% | -199.91 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | -4.30% | -490.44 |
| UltraShort MSCI Japan ProShares (EWV) | -0.18% | -20.26 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | -6.03% | -688.01 |
| Ultra QQQ ProShares (QLD) | +1.09% | +123.96 |
| Ultra Dow30 ProShares (DDM) | +1.21% | +138.16 |
| Ultra S&P500 ProShares (SSO) | +1.79% | +204.55 |
| Ultra MC400 ProShares (MVV) | +1.88% | +214.13 |
| Ultra SmallCap 600 ProShares (SAA) | +2.90% | +330.81 |
| Ultra Russell 2000 ProShares (UWM) | +2.32% | +264.79 |
| Ultra Russell 1000 Value ProShares (UVG) | +1.50% | +170.80 |
| Ultra Russell 1000 Growth ProShares (UKF) | +2.17% | +248.02 |
| Ultra Russell MidCap Value ProShares (UVU) | +3.50% | +399.28 |
| Ultra Russell MidCap Growth ProShares (UKW) | +2.66% | +303.14 |
| Ultra Russell 2000 Value ProShares (UVT) | +2.10% | +240.15 |
| Ultra Russell2000 Growth ProShares (UKK) | +2.89% | +329.94 |
| Ultra Basic Materials ProShares (UYM) | +2.86% | +326.35 |
| Ultra Consumer Goods ProShares (UGE) | +0.78% | +89.24 |
| Ultra Consumer Services ProShares (UCC) | +0.71% | +80.60 |
| Ultra Financials ProShares (UYG) | +3.53% | +402.32 |
| Ultra Health Care ProShares (RXL) | -0.25% | -27.98 |
| Ultra Industrials ProShares (UXI) | +0.50% | +57.54 |
| Ultra Oil & Gas ProShares (DIG) | +2.28% | +260.34 |
| Ultra Real Estate ProShares (URE) | +1.31% | +149.90 |
| Ultra Semiconductors ProShares (USD) | +2.04% | +232.36 |
| Ultra Technology ProShares (ROM) | +1.47% | +167.75 |
| Ultra Utilities ProShares (UPW) | +1.36% | +154.89 |
| Other ETFs | ||
| PowerShares DB Base Metals Double Short (BOM) | -2.81% | -321.20 |
| PowerShares DB Base Metals Double Long (BDD) | +0.59% | +66.95 |
| PowerShares DB Crude Oil Double Short (DTO) | -2.81% | -320.75 |
| PowerShares DB Crude Oil Short (SZO) | -1.43% | -163.33 |
| PowerShares DB Crude Oil Double Long (DXO) | +2.68% | +305.32 |
| PowerShares DB Crude Oil Long (OLO) | +0.73% | +83.61 |
Additional stock market commentary -- for subscribers only -- can be found here: Subscriber Notes (if you're reading this in plain text format or on the blog, visit the MyClues Home Page and click on "Subscriber Notes" in the Quick Links section at the top of the page).
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· Quarter-Hourly Chart Comments
· Detailed Comments . . . .
Tuesday, August 26, 2008
Grumbling About Low Oil Prices
It had to happen, of course. Now that oil has had a 20% haircut from its record highs of July, some oil producers are grumbling about "low oil prices" and threatening to rein in production. What are speculators to do now that prices are so low?
You probably recall that a couple of months ago, had you asked almost anyone in the oil pit, "Who is responsible for high oil prices?" the answer would almost certainly have been supply and demand. At that time a record high number of speculators were "long" oil on the NYMEX exchange according to reports filed with the Commodity Futures Trading Commission. Now, that number is far less and, guess what? oil prices are substantially lower. The only "supply and demand" they mean is their own demand for profits.
Natural gas is another good example. It has collapsed by almost 50% since July. By taking the speculator out, prices tend to move toward a more fundamentally-justified point. A similar example is the Silver market. Prices collapsed there by 33% in just five weeks. Speculators are moaning about banks manipulating the market as they always do. Perhaps, if they simply looked at fundamentals, they would see that they had simply pushed prices up too far, too fast. When the speculators try to flee the burning building together through a narrow door, prices do collapse.
One sign of the overheated Gold market is the fact that the US Mint has stopped selling gold coins for the simple reason that public speculators have bought out their whole inventory. The last time that happened was decades ago at the last long term top in the gold market. When everyone wants to buy, it's time to sell. So far, gold has held up, losing only about 18% off its all time highs made earlier in the year. But, mining stock insiders have been selling their shares furiously for months, a sign that there is trouble ahead for the gold market. Maybe they read the story about how the Japanese have figured out that they can very cheaply extract gold from seawater. Apparently, there are billions of tons of gold floating in the ocean next to Japan. It's amazing how supply crops up when least expected if prices rise high enough.
Tuesday was one of those go nowhere days on Wall Street that seems to characterize late August:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | +0.23% | +26.62 |
| DIAMONDS TRUST SER 1 (DIA) | +0.23% | +25.99 |
| Ultra Dow30 ProShares (DDM) | +0.36% | +41.13 |
| UltraShort Dow30 ProShares (DXD) | -0.30% | -34.57 |
| S&P 500 (index) | +0.37% | +41.97 |
| S& P DEP RECEIPTS (SPY) | +0.39% | +44.84 |
| Ultra S&P500 ProShares (SSO) | +0.72% | +81.83 |
| UltraShort S&P500 ProShares (SDS) | -0.70% | -79.87 |
| NYSE Composite (index) | +0.42% | +48.00 |
| ISHARES NYSE CMP IDX (NYC) | +0.41% | +46.70 |
| S&P SmallCap 600 (index) | +0.44% | +49.88 |
| Ultra SmallCap 600 ProShares (SAA) | -0.44% | -49.72 |
| Short SmallCap 600 ProShares (SBB) | +0.01% | +1.59 |
| UltraShort SmallCap 600 ProShares (SDD) | -0.57% | -64.49 |
| Russell 2000 (index) | +0.31% | +35.40 |
| ISHARE RUS 2000 INDX (IWM) | +0.15% | +17.38 |
| Ultra Russell 2000 ProShares (UWM) | +0.39% | +44.57 |
| UltraShort Russell 2000 ProShares (TWM) | -0.59% | -67.14 |
| NASDAQ-100 (index) | -0.10% | -11.33 |
| NASDAQ 100 TR SER I (QQQQ) | -0.13% | -14.70 |
| Ultra QQQ ProShares (QLD) | -0.40% | -46.00 |
| UltraShort QQQ ProShares (QID) | +0.48% | +54.90 |
| S&P MidCap 400 (index) | +0.46% | +52.91 |
| ISHARE SP MC 400 INX (IJH) | +0.43% | +48.53 |
| Ultra MC400 ProShares (MVV) | +0.75% | +85.05 |
| UltraShort MC400 ProShares (MZZ) | -0.93% | -106.12 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | +0.75% | +85.64 |
| Amex Gold (index) | +0.27% | +30.45 |
| MKT VECT GOLD MNRS (GDX) | -0.05% | -6.16 |
| STREETTRACKS GOLD TR (GLD) | +0.37% | +42.21 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | -0.51% | -57.99 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | +0.74% | +84.68 |
| Semiconductor Sector (index) | -0.98% | -111.18 |
| Ultra Semiconductors ProShares (USD) | -0.75% | -85.67 |
| UltraShort Semiconductors ProShares (SSG) | +0.87% | +98.53 |
| ISHARE DJ FIN SC INX (IYF) | +0.42% | +48.29 |
| ISHARES LEHMAN 20 YR (TLT) | +0.09% | +9.69 |
| ISHARESLEHMAN 7-10YR (IEF) | +0.03% | +3.82 |
| ISHARES LEH AGG FD (AGG) | -0.12% | -13.57 |
| ISHARES GS $ INVEST (LQD) | +0.12% | +13.49 |
| ISHARES LEHMAN 1-3YR (SHY) | -0.04% | -4.11 |
| ProShares ETFs | ||
| UltraShort Lehman 7-10 Year Treasury ProShares (PST) | -0.21% | -23.67 |
| UltraShort Lehman 20+ Year Treasury ProShares (TBT) | -0.25% | -27.96 |
| Short QQQ ProShares (PSQ) | +0.21% | +23.94 |
| Short Dow30 ProShares (DOG) | -0.15% | -16.90 |
| Short S&P500 ProShares (SH) | -0.33% | -38.04 |
| Short MC400 ProShares (MYY) | +0.38% | +43.65 |
| Short SmallCap 600 ProShares (SBB) | +0.01% | +1.59 |
| Short Russell 2000 ProShares (RWM) | -0.24% | -27.75 |
| UltraShort QQQ ProShares (QID) | +0.48% | +54.90 |
| UltraShort Dow30 ProShares (DXD) | -0.30% | -34.57 |
| UltraShort S&P500 ProShares (SDS) | -0.70% | -79.87 |
| UltraShort MC400 ProShares (MZZ) | -0.93% | -106.12 |
| UltraShort SmallCap 600 ProShares (SDD) | -0.57% | -64.49 |
| UltraShort Russell 2000 ProShares (TWM) | -0.59% | -67.14 |
| UltraShort Russell 1000 Value ProShares (SJF) | -0.77% | -88.04 |
| UltraShort Russell 1000 Growth ProShares (SFK) | +0.33% | +37.08 |
| UltraShort Russell MidCap Value ProShares (SJL) | +0.77% | +87.32 |
| UltraShort Russell MidCap Growth ProShares (SDK) | +0.03% | +3.02 |
| UltraShort Russell 2000 Value ProShares (SJH) | -0.62% | -70.77 |
| UltraShort Russell 2000 Growth ProShares (SKK) | -0.42% | -47.65 |
| UltraShort Basic Materials ProShares (SMN) | -0.58% | -66.18 |
| UltraShort Consumer Goods ProShares (SZK) | +0.90% | +102.65 |
| UltraShort Consumer Services ProShares (SCC) | -0.57% | -64.94 |
| UltraShort Financials ProShares (SKF) | -0.70% | -79.72 |
| UltraShort Health Care ProShares (RXD) | -0.11% | -12.71 |
| UltraShort Industrials ProShares (SIJ) | 0.00% | 0.00 |
| UltraShort Oil & Gas ProShares (DUG) | -3.52% | -400.92 |
| UltraShort Real Estate ProShares (SRS) | -1.26% | -143.02 |
| UltraShort Semiconductors ProShares (SSG) | +0.87% | +98.53 |
| UltraShort Technology ProShares (REW) | +0.85% | +96.82 |
| UltraShort Utilities ProShares (SDP) | -1.44% | -164.53 |
| Short MSCI Emerging Markets ProShares (EUM) | +0.14% | +15.82 |
| Short MSCI EAFE ProShares (EFZ) | -0.49% | -56.18 |
| UltraShort MSCI EAFE ProShares (EFU) | -0.71% | -81.10 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | +0.05% | +5.91 |
| UltraShort MSCI Japan ProShares (EWV) | -1.78% | -203.20 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | -5.47% | -623.38 |
| Ultra QQQ ProShares (QLD) | -0.40% | -46.00 |
| Ultra Dow30 ProShares (DDM) | +0.36% | +41.13 |
| Ultra S&P500 ProShares (SSO) | +0.72% | +81.83 |
| Ultra MC400 ProShares (MVV) | +0.75% | +85.05 |
| Ultra SmallCap 600 ProShares (SAA) | -0.44% | -49.72 |
| Ultra Russell 2000 ProShares (UWM) | +0.39% | +44.57 |
| Ultra Russell 1000 Value ProShares (UVG) | +0.39% | +44.87 |
| Ultra Russell 1000 Growth ProShares (UKF) | -0.74% | -84.62 |
| Ultra Russell MidCap Value ProShares (UVU) | -0.41% | -46.83 |
| Ultra Russell MidCap Growth ProShares (UKW) | +0.02% | +2.26 |
| Ultra Russell 2000 Value ProShares (UVT) | +0.47% | +53.18 |
| Ultra Russell2000 Growth ProShares (UKK) | -0.21% | -23.46 |
| Ultra Basic Materials ProShares (UYM) | +0.40% | +46.04 |
| Ultra Consumer Goods ProShares (UGE) | -0.49% | -55.37 |
| Ultra Consumer Services ProShares (UCC) | +0.66% | +75.55 |
| Ultra Financials ProShares (UYG) | +0.73% | +83.24 |
| Ultra Health Care ProShares (RXL) | +0.08% | +9.31 |
| Ultra Industrials ProShares (UXI) | +1.19% | +135.55 |
| Ultra Oil & Gas ProShares (DIG) | +3.57% | +406.22 |
| Ultra Real Estate ProShares (URE) | +1.52% | +172.90 |
| Ultra Semiconductors ProShares (USD) | -0.75% | -85.67 |
| Ultra Technology ProShares (ROM) | -0.92% | -104.83 |
| Ultra Utilities ProShares (UPW) | +2.24% | +254.94 |
| Other ETFs | ||
| PowerShares DB Base Metals Double Short (BOM) | +3.31% | +377.17 |
| PowerShares DB Crude Oil Double Short (DTO) | -1.52% | -173.15 |
| PowerShares DB Crude Oil Short (SZO) | -1.58% | -179.93 |
| PowerShares DB Crude Oil Double Long (DXO) | +1.80% | +204.65 |
Additional stock market commentary -- for subscribers only -- can be found here: Subscriber Notes (if you're reading this in plain text format or on the blog, visit the MyClues Home Page and click on "Subscriber Notes" in the Quick Links section at the top of the page).
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· Quarter-Hourly Chart Comments
· Detailed Comments . . . .
Monday, August 25, 2008
Light Volume Creates Air Pocket Under Stocks
The late August sag in volume created the perfect storm for stocks on Monday as minor selling pressure combined with an absence of buyers, resulting in a giveback of last week's late gains:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | -2.08% | -241.81 |
| DIAMONDS TRUST SER 1 (DIA) | -1.93% | -224.23 |
| Ultra Dow30 ProShares (DDM) | -3.81% | -442.57 |
| UltraShort Dow30 ProShares (DXD) | +3.78% | +439.67 |
| S&P 500 (index) | -1.89% | -219.26 |
| S& P DEP RECEIPTS (SPY) | -1.96% | -228.05 |
| Ultra S&P500 ProShares (SSO) | -3.90% | -453.84 |
| UltraShort S&P500 ProShares (SDS) | +3.88% | +450.70 |
| NYSE Composite (index) | -1.73% | -200.69 |
| ISHARES NYSE CMP IDX (NYC) | -1.83% | -212.96 |
| S&P SmallCap 600 (index) | -2.21% | -256.59 |
| Ultra SmallCap 600 ProShares (SAA) | -3.99% | -464.19 |
| Short SmallCap 600 ProShares (SBB) | +2.06% | +239.98 |
| UltraShort SmallCap 600 ProShares (SDD) | +4.29% | +498.37 |
| Russell 2000 (index) | -2.20% | -255.50 |
| ISHARE RUS 2000 INDX (IWM) | -2.20% | -255.67 |
| Ultra Russell 2000 ProShares (UWM) | -4.50% | -523.81 |
| UltraShort Russell 2000 ProShares (TWM) | +4.43% | +515.21 |
| NASDAQ-100 (index) | -1.98% | -229.73 |
| NASDAQ 100 TR SER I (QQQQ) | -2.11% | -244.85 |
| Ultra QQQ ProShares (QLD) | -3.64% | -423.47 |
| UltraShort QQQ ProShares (QID) | +3.42% | +397.17 |
| S&P MidCap 400 (index) | -2.02% | -235.29 |
| ISHARE SP MC 400 INX (IJH) | -1.89% | -220.21 |
| Ultra MC400 ProShares (MVV) | -3.60% | -418.65 |
| UltraShort MC400 ProShares (MZZ) | +3.46% | +402.83 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | -0.16% | -18.19 |
| Amex Gold (index) | -0.73% | -84.46 |
| MKT VECT GOLD MNRS (GDX) | -1.47% | -170.54 |
| STREETTRACKS GOLD TR (GLD) | -0.19% | -21.51 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | +0.24% | +27.94 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | -0.17% | -19.92 |
| Semiconductor Sector (index) | -1.56% | -180.99 |
| Ultra Semiconductors ProShares (USD) | -3.96% | -460.90 |
| UltraShort Semiconductors ProShares (SSG) | +3.62% | +420.71 |
| ISHARE DJ FIN SC INX (IYF) | -2.56% | -298.24 |
| ISHARES LEHMAN 20 YR (TLT) | +1.00% | +116.18 |
| ISHARESLEHMAN 7-10YR (IEF) | +0.66% | +77.20 |
| ISHARES LEH AGG FD (AGG) | +0.31% | +35.91 |
| ISHARES GS $ INVEST (LQD) | +0.65% | +75.09 |
| ISHARES LEHMAN 1-3YR (SHY) | +0.17% | +19.62 |
| ProShares ETFs | ||
| UltraShort Lehman 7-10 Year Treasury ProShares (PST) | -1.12% | -129.77 |
| UltraShort Lehman 20+ Year Treasury ProShares (TBT) | -1.87% | -217.15 |
| Short QQQ ProShares (PSQ) | +2.07% | +241.21 |
| Short Dow30 ProShares (DOG) | +1.95% | +226.93 |
| Short S&P500 ProShares (SH) | +1.92% | +223.78 |
| Short MC400 ProShares (MYY) | +1.82% | +211.80 |
| Short SmallCap 600 ProShares (SBB) | +2.06% | +239.98 |
| Short Russell 2000 ProShares (RWM) | +2.34% | +272.29 |
| UltraShort QQQ ProShares (QID) | +3.42% | +397.17 |
| UltraShort Dow30 ProShares (DXD) | +3.78% | +439.67 |
| UltraShort S&P500 ProShares (SDS) | +3.88% | +450.70 |
| UltraShort MC400 ProShares (MZZ) | +3.46% | +402.83 |
| UltraShort SmallCap 600 ProShares (SDD) | +4.29% | +498.37 |
| UltraShort Russell 2000 ProShares (TWM) | +4.43% | +515.21 |
| UltraShort Russell 1000 Value ProShares (SJF) | +4.03% | +468.91 |
| UltraShort Russell 1000 Growth ProShares (SFK) | +3.21% | +372.89 |
| UltraShort Russell MidCap Value ProShares (SJL) | +2.88% | +334.67 |
| UltraShort Russell MidCap Growth ProShares (SDK) | +3.81% | +443.23 |
| UltraShort Russell 2000 Value ProShares (SJH) | +4.40% | +511.08 |
| UltraShort Russell 2000 Growth ProShares (SKK) | +4.62% | +537.17 |
| UltraShort Basic Materials ProShares (SMN) | +4.97% | +577.69 |
| UltraShort Consumer Goods ProShares (SZK) | +2.91% | +338.83 |
| UltraShort Consumer Services ProShares (SCC) | +4.40% | +511.30 |
| UltraShort Financials ProShares (SKF) | +5.32% | +618.87 |
| UltraShort Health Care ProShares (RXD) | +3.02% | +350.90 |
| UltraShort Industrials ProShares (SIJ) | +3.82% | +444.64 |
| UltraShort Oil & Gas ProShares (DUG) | +2.60% | +302.46 |
| UltraShort Real Estate ProShares (SRS) | +4.99% | +580.62 |
| UltraShort Semiconductors ProShares (SSG) | +3.62% | +420.71 |
| UltraShort Technology ProShares (REW) | +3.26% | +378.96 |
| UltraShort Utilities ProShares (SDP) | +0.74% | +86.56 |
| Short MSCI Emerging Markets ProShares (EUM) | +1.98% | +230.61 |
| Short MSCI EAFE ProShares (EFZ) | +1.50% | +174.72 |
| UltraShort MSCI EAFE ProShares (EFU) | +2.83% | +329.64 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | +4.10% | +476.44 |
| UltraShort MSCI Japan ProShares (EWV) | +2.20% | +255.96 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | +2.13% | +248.14 |
| Ultra QQQ ProShares (QLD) | -3.64% | -423.47 |
| Ultra Dow30 ProShares (DDM) | -3.81% | -442.57 |
| Ultra S&P500 ProShares (SSO) | -3.90% | -453.84 |
| Ultra MC400 ProShares (MVV) | -3.60% | -418.65 |
| Ultra SmallCap 600 ProShares (SAA) | -3.99% | -464.19 |
| Ultra Russell 2000 ProShares (UWM) | -4.50% | -523.81 |
| Ultra Russell 1000 Value ProShares (UVG) | -3.59% | -416.96 |
| Ultra Russell 1000 Growth ProShares (UKF) | -2.96% | -343.63 |
| Ultra Russell MidCap Value ProShares (UVU) | -3.77% | -438.59 |
| Ultra Russell MidCap Growth ProShares (UKW) | -3.45% | -400.66 |
| Ultra Russell 2000 Value ProShares (UVT) | -4.89% | -568.22 |
| Ultra Russell2000 Growth ProShares (UKK) | -4.08% | -474.32 |
| Ultra Basic Materials ProShares (UYM) | -3.75% | -435.98 |
| Ultra Consumer Goods ProShares (UGE) | -2.93% | -340.33 |
| Ultra Consumer Services ProShares (UCC) | -3.10% | -360.46 |
| Ultra Financials ProShares (UYG) | -5.43% | -631.65 |
| Ultra Health Care ProShares (RXL) | -2.98% | -346.89 |
| Ultra Industrials ProShares (UXI) | -3.94% | -457.83 |
| Ultra Oil & Gas ProShares (DIG) | -3.11% | -361.61 |
| Ultra Real Estate ProShares (URE) | -5.06% | -588.76 |
| Ultra Semiconductors ProShares (USD) | -3.96% | -460.90 |
| Ultra Technology ProShares (ROM) | -3.40% | -394.87 |
| Ultra Utilities ProShares (UPW) | -0.95% | -110.78 |
| Other ETFs | ||
| PowerShares DB Base Metals Double Short (BOM) | -0.07% | -8.55 |
| PowerShares DB Crude Oil Double Short (DTO) | -0.99% | -115.54 |
| PowerShares DB Crude Oil Short (SZO) | +0.45% | +52.16 |
| PowerShares DB Crude Oil Double Long (DXO) | +0.33% | +38.13 |
Additional stock market commentary -- for subscribers only -- can be found here: Subscriber Notes (if you're reading this in plain text format or on the blog, visit the MyClues Home Page and click on "Subscriber Notes" in the Quick Links section at the top of the page).
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· Detailed Comments . . . .
Sunday, August 24, 2008
Oil Down, Stocks Up
The bear market rally in oil pushed stocks lower last week, but Friday's plunge in black gold pushed stocks back up. Although the blue chips closed the week with an overall loss, the day was positive in most sectors not commodity-related. The latter fell back again as the downtrend resumed after a brief bounce. Hedge funds are exiting the commodities, producing a ping-pong effect on the market. Each bounce in commodities simply invites more selling of real stuff and more buying of financial stuff.
Most of the problems in our economy are related in some way to the real estate market. But, the powers-that-be are too weak and lazy to actually take radical steps to deal with those problems, effectively prolonging the misery and making it worse. This laisseiz-faire attitude might have been appropriate in an earlier age, but it is not only not the medicine this economy needs, it's turning the current recession into a Japanese-style decades-long morass of stagflationary depression. The Federal Deposit Insurance Corporation should declare zombie banks like Washington Mutual insolvent, seize their assets and mark them down to current market value. Homeowners should be allowed to refinance their mortgages at fixed market rates at the real value of their homes today, not at those inflated prices of a few years ago. This would have the effect of allowing the real estate market to heal itself. No rational person would want millions to simply "walk away" from their homes and add to the inventory of unsold homes.
Such a radical restructuring of the market would immediately stop mllions of homes from being added to the current overhang of inventory which is depressing prices. Buyers who had been waiting for prices to drop would see that prices were stabilizing and would start buying up homes at current prices. This would have the effect of turning the real estate market up and ending the recession dead in its tracks. Waiting will only prolong the agony, resulting in far more foreclosures and creating pain for homeowners who are forced out of their homes. Moreover, lenders will profit in the long run even though they will suffer short term pain: they will take much larger losses in the future as home prices are on a path to fall 40% if the situation continues to fester like an open wound.
Of course, it's not going to happen. It would be too easy and fly in the face of the plutocrats' agenda: to transfer wealth from the poor and middle-class to the rich. With O-bambam-a showing his true colors ("change" is just another four-letter word) and the Son of Cain yet another puppet of the vulture capitalists, the choice of which head of the two-headed dog of this plutocracy replaces the bush in the White House is clearly the most irrelevant of decisions in this country. Therefore, it will get the most media attention of all the news that could be covered and prove once again that the mainstream media is an obsolete relic of the last millenium.
The market had a good day Friday. "Good" if you were long most stocks and short most commodities, that is:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | +1.73% | +197.85 |
| DIAMONDS TRUST SER 1 (DIA) | +1.81% | +206.37 |
| Ultra Dow30 ProShares (DDM) | +3.46% | +395.95 |
| UltraShort Dow30 ProShares (DXD) | -3.66% | -418.20 |
| S&P 500 (index) | +1.11% | +126.85 |
| S& P DEP RECEIPTS (SPY) | +1.32% | +151.13 |
| Ultra S&P500 ProShares (SSO) | +2.45% | +280.25 |
| UltraShort S&P500 ProShares (SDS) | -2.64% | -301.93 |
| NYSE Composite (index) | +0.71% | +81.68 |
| ISHARES NYSE CMP IDX (NYC) | +0.83% | +94.30 |
| S&P SmallCap 600 (index) | +1.74% | +198.38 |
| Ultra SmallCap 600 ProShares (SAA) | +3.63% | +414.55 |
| Short SmallCap 600 ProShares (SBB) | -1.29% | -147.73 |
| UltraShort SmallCap 600 ProShares (SDD) | -3.75% | -428.22 |
| Russell 2000 (index) | +1.66% | +189.44 |
| ISHARE RUS 2000 INDX (IWM) | +2.11% | +240.77 |
| Ultra Russell 2000 ProShares (UWM) | +4.29% | +490.18 |
| UltraShort Russell 2000 ProShares (TWM) | -4.10% | -469.19 |
| NASDAQ-100 (index) | +1.19% | +136.26 |
| NASDAQ 100 TR SER I (QQQQ) | +1.32% | +151.20 |
| Ultra QQQ ProShares (QLD) | +2.58% | +294.48 |
| UltraShort QQQ ProShares (QID) | -2.36% | -269.90 |
| S&P MidCap 400 (index) | +0.93% | +106.32 |
| ISHARE SP MC 400 INX (IJH) | +0.89% | +102.11 |
| Ultra MC400 ProShares (MVV) | +2.09% | +238.34 |
| UltraShort MC400 ProShares (MZZ) | -1.79% | -204.47 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | -1.78% | -203.74 |
| Amex Gold (index) | -2.98% | -340.96 |
| MKT VECT GOLD MNRS (GDX) | -2.04% | -232.90 |
| STREETTRACKS GOLD TR (GLD) | -1.48% | -169.44 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | +2.59% | +295.79 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | -3.53% | -403.05 |
| Semiconductor Sector (index) | +1.31% | +150.21 |
| Ultra Semiconductors ProShares (USD) | +2.78% | +317.71 |
| UltraShort Semiconductors ProShares (SSG) | -2.71% | -309.63 |
| ISHARE DJ FIN SC INX (IYF) | +2.74% | +312.90 |
| ISHARES LEHMAN 20 YR (TLT) | -0.06% | -7.36 |
| ISHARESLEHMAN 7-10YR (IEF) | -0.29% | -33.34 |
| ISHARES LEH AGG FD (AGG) | -0.11% | -12.51 |
| ISHARES GS $ INVEST (LQD) | +0.04% | +4.54 |
| ISHARES LEHMAN 1-3YR (SHY) | -0.18% | -20.62 |
| ProShares ETFs | ||
| UltraShort Lehman 7-10 Year Treasury ProShares (PST) | +0.41% | +47.19 |
| UltraShort Lehman 20+ Year Treasury ProShares (TBT) | -0.06% | -6.88 |
| Short QQQ ProShares (PSQ) | -1.13% | -129.34 |
| Short Dow30 ProShares (DOG) | -1.78% | -203.81 |
| Short S&P500 ProShares (SH) | -1.14% | -130.48 |
| Short MC400 ProShares (MYY) | -0.89% | -101.33 |
| Short SmallCap 600 ProShares (SBB) | -1.29% | -147.73 |
| Short Russell 2000 ProShares (RWM) | -1.88% | -214.46 |
| UltraShort QQQ ProShares (QID) | -2.36% | -269.90 |
| UltraShort Dow30 ProShares (DXD) | -3.66% | -418.20 |
| UltraShort S&P500 ProShares (SDS) | -2.64% | -301.93 |
| UltraShort MC400 ProShares (MZZ) | -1.79% | -204.47 |
| UltraShort SmallCap 600 ProShares (SDD) | -3.75% | -428.22 |
| UltraShort Russell 2000 ProShares (TWM) | -4.10% | -469.19 |
| UltraShort Russell 1000 Value ProShares (SJF) | -2.33% | -265.82 |
| UltraShort Russell 1000 Growth ProShares (SFK) | -1.63% | -185.80 |
| UltraShort Russell MidCap Value ProShares (SJL) | -2.27% | -259.44 |
| UltraShort Russell MidCap Growth ProShares (SDK) | -1.33% | -152.09 |
| UltraShort Russell 2000 Value ProShares (SJH) | -4.00% | -456.78 |
| UltraShort Russell 2000 Growth ProShares (SKK) | -3.36% | -383.56 |
| UltraShort Basic Materials ProShares (SMN) | +0.23% | +26.63 |
| UltraShort Consumer Goods ProShares (SZK) | -2.39% | -273.34 |
| UltraShort Consumer Services ProShares (SCC) | -4.01% | -458.57 |
| UltraShort Financials ProShares (SKF) | -5.81% | -663.63 |
| UltraShort Health Care ProShares (RXD) | -2.15% | -245.90 |
| UltraShort Industrials ProShares (SIJ) | -2.46% | -280.63 |
| UltraShort Oil & Gas ProShares (DUG) | +4.00% | +456.93 |
| UltraShort Real Estate ProShares (SRS) | -5.36% | -612.11 |
| UltraShort Semiconductors ProShares (SSG) | -2.71% | -309.63 |
| UltraShort Technology ProShares (REW) | -2.93% | -335.36 |
| UltraShort Utilities ProShares (SDP) | +0.18% | +20.84 |
| Short MSCI Emerging Markets ProShares (EUM) | +0.20% | +22.98 |
| Short MSCI EAFE ProShares (EFZ) | -0.25% | -28.55 |
| UltraShort MSCI EAFE ProShares (EFU) | -0.82% | -93.82 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | +0.52% | +59.62 |
| UltraShort MSCI Japan ProShares (EWV) | +0.69% | +78.41 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | -1.88% | -215.01 |
| Ultra QQQ ProShares (QLD) | +2.58% | +294.48 |
| Ultra Dow30 ProShares (DDM) | +3.46% | +395.95 |
| Ultra S&P500 ProShares (SSO) | +2.45% | +280.25 |
| Ultra MC400 ProShares (MVV) | +2.09% | +238.34 |
| Ultra SmallCap 600 ProShares (SAA) | +3.63% | +414.55 |
| Ultra Russell 2000 ProShares (UWM) | +4.29% | +490.18 |
| Ultra Russell 1000 Value ProShares (UVG) | +1.86% | +212.90 |
| Ultra Russell 1000 Growth ProShares (UKF) | +1.61% | +183.86 |
| Ultra Russell MidCap Value ProShares (UVU) | +2.19% | +250.20 |
| Ultra Russell MidCap Growth ProShares (UKW) | +1.59% | +182.28 |
| Ultra Russell 2000 Value ProShares (UVT) | +3.79% | +432.69 |
| Ultra Russell2000 Growth ProShares (UKK) | +2.88% | +329.66 |
| Ultra Basic Materials ProShares (UYM) | -0.87% | -99.96 |
| Ultra Consumer Goods ProShares (UGE) | +1.92% | +219.99 |
| Ultra Consumer Services ProShares (UCC) | +2.35% | +268.63 |
| Ultra Financials ProShares (UYG) | +5.97% | +681.86 |
| Ultra Health Care ProShares (RXL) | +2.09% | +238.86 |
| Ultra Industrials ProShares (UXI) | +2.43% | +277.34 |
| Ultra Oil & Gas ProShares (DIG) | -2.98% | -341.01 |
| Ultra Real Estate ProShares (URE) | +5.72% | +654.37 |
| Ultra Semiconductors ProShares (USD) | +2.78% | +317.71 |
| Ultra Technology ProShares (ROM) | +3.00% | +342.68 |
| Ultra Utilities ProShares (UPW) | -0.51% | -58.61 |
| Other ETFs | ||
| PowerShares DB Base Metals Double Short (BOM) | +2.60% | +297.62 |
| PowerShares DB Base Metals Double Long (BDD) | -5.43% | -620.36 |
| PowerShares DB Crude Oil Double Short (DTO) | +10.88% | +1244.16 |
| PowerShares DB Crude Oil Short (SZO) | +5.19% | +593.29 |
| PowerShares DB Crude Oil Double Long (DXO) | -10.07% | -1151.45 |
| PowerShares DB Crude Oil Long (OLO) | -4.73% | -541.16 |
Additional stock market commentary -- for subscribers only -- can be found here: Subscriber Notes (if you're reading this in plain text format or on the blog, visit the MyClues Home Page and click on "Subscriber Notes" in the Quick Links section at the top of the page).
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· Detailed Comments . . . .
Thursday, August 21, 2008
Put Buyers Loaded Up Now?
The Dow closed up about 115 points from its low point of the session Thursday as the market found its correction low and started back up the hill again. Option buyers had pressured the market this week due to an extra-long gap between August and September expiration dates (5 weeks). Now that the option players have loaded up for bear, the market is likely to make their puts worth less.
The bottom feeders were eager to buy the shares which had been trashed in the last month: energy and gold stocks. This frantic switching back and forth between sectors is typical of a wishy-washy market that just can't decide whether it wants to go up or down. So, it does both, day after day, with hot money rotating through sectors in a never-ending search for profits. The casino owners are happy at least.
Overall, though, the session was typical of the Summer Doldrums as we prepare for the worst month of the year, September, historically speaking:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | +0.11% | +12.78 |
| DIAMONDS TRUST SER 1 (DIA) | +0.01% | +1.00 |
| Ultra Dow30 ProShares (DDM) | +0.10% | +11.20 |
| UltraShort Dow30 ProShares (DXD) | +0.14% | +16.44 |
| S&P 500 (index) | +0.25% | +28.49 |
| S& P DEP RECEIPTS (SPY) | +0.15% | +17.00 |
| Ultra S&P500 ProShares (SSO) | +0.38% | +43.38 |
| UltraShort S&P500 ProShares (SDS) | -0.12% | -13.77 |
| NYSE Composite (index) | +0.45% | +51.36 |
| ISHARES NYSE CMP IDX (NYC) | +0.47% | +54.08 |
| S&P SmallCap 600 (index) | -0.78% | -89.23 |
| Ultra SmallCap 600 ProShares (SAA) | -0.82% | -94.11 |
| Short SmallCap 600 ProShares (SBB) | +0.06% | +6.42 |
| UltraShort SmallCap 600 ProShares (SDD) | +2.05% | +234.39 |
| Russell 2000 (index) | -0.77% | -88.33 |
| ISHARE RUS 2000 INDX (IWM) | -1.15% | -131.38 |
| Ultra Russell 2000 ProShares (UWM) | -2.42% | -275.83 |
| UltraShort Russell 2000 ProShares (TWM) | +2.56% | +291.76 |
| NASDAQ-100 (index) | -0.42% | -48.40 |
| NASDAQ 100 TR SER I (QQQQ) | -0.47% | -53.34 |
| Ultra QQQ ProShares (QLD) | -0.94% | -107.81 |
| UltraShort QQQ ProShares (QID) | +0.98% | +112.27 |
| S&P MidCap 400 (index) | +0.14% | +15.72 |
| ISHARE SP MC 400 INX (IJH) | +0.06% | +7.09 |
| Ultra MC400 ProShares (MVV) | -0.15% | -17.10 |
| UltraShort MC400 ProShares (MZZ) | +0.16% | +18.05 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | +3.40% | +388.20 |
| Amex Gold (index) | +6.62% | +755.76 |
| MKT VECT GOLD MNRS (GDX) | +6.24% | +713.00 |
| STREETTRACKS GOLD TR (GLD) | +2.80% | +319.45 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | -4.16% | -475.30 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | +6.39% | +729.48 |
| Semiconductor Sector (index) | -0.34% | -38.41 |
| Ultra Semiconductors ProShares (USD) | -1.40% | -160.03 |
| UltraShort Semiconductors ProShares (SSG) | +1.65% | +188.28 |
| ISHARE DJ FIN SC INX (IYF) | -1.07% | -122.36 |
| ISHARES LEHMAN 20 YR (TLT) | -0.18% | -20.80 |
| ISHARESLEHMAN 7-10YR (IEF) | -0.21% | -24.29 |
| ISHARES LEH AGG FD (AGG) | +0.02% | +2.27 |
| ISHARES GS $ INVEST (LQD) | -0.59% | -67.69 |
| ISHARES LEHMAN 1-3YR (SHY) | -0.08% | -9.60 |
| ProShares ETFs | ||
| UltraShort Lehman 7-10 Year Treasury ProShares (PST) | +0.64% | +72.85 |
| UltraShort Lehman 20+ Year Treasury ProShares (TBT) | -0.08% | -8.59 |
| Short QQQ ProShares (PSQ) | +0.28% | +32.39 |
| Short Dow30 ProShares (DOG) | +0.03% | +3.39 |
| Short S&P500 ProShares (SH) | -0.18% | -20.02 |
| Short MC400 ProShares (MYY) | -0.58% | -65.87 |
| Short SmallCap 600 ProShares (SBB) | +0.06% | +6.42 |
| Short Russell 2000 ProShares (RWM) | +1.07% | +122.38 |
| UltraShort QQQ ProShares (QID) | +0.98% | +112.27 |
| UltraShort Dow30 ProShares (DXD) | +0.14% | +16.44 |
| UltraShort S&P500 ProShares (SDS) | -0.12% | -13.77 |
| UltraShort MC400 ProShares (MZZ) | +0.16% | +18.05 |
| UltraShort SmallCap 600 ProShares (SDD) | +2.05% | +234.39 |
| UltraShort Russell 2000 ProShares (TWM) | +2.56% | +291.76 |
| UltraShort Russell 1000 Value ProShares (SJF) | -0.32% | -36.96 |
| UltraShort Russell 1000 Growth ProShares (SFK) | -0.66% | -75.00 |
| UltraShort Russell MidCap Value ProShares (SJL) | +0.61% | +69.86 |
| UltraShort Russell MidCap Growth ProShares (SDK) | -0.81% | -92.26 |
| UltraShort Russell 2000 Value ProShares (SJH) | +1.69% | +192.41 |
| UltraShort Russell 2000 Growth ProShares (SKK) | +1.45% | +165.62 |
| UltraShort Basic Materials ProShares (SMN) | -2.97% | -338.75 |
| UltraShort Consumer Goods ProShares (SZK) | +0.94% | +107.63 |
| UltraShort Consumer Services ProShares (SCC) | -0.38% | -43.75 |
| UltraShort Financials ProShares (SKF) | +2.33% | +265.50 |
| UltraShort Health Care ProShares (RXD) | -0.25% | -28.82 |
| UltraShort Industrials ProShares (SIJ) | -0.98% | -112.09 |
| UltraShort Oil & Gas ProShares (DUG) | -5.27% | -601.43 |
| UltraShort Real Estate ProShares (SRS) | +2.09% | +238.74 |
| UltraShort Semiconductors ProShares (SSG) | +1.65% | +188.28 |
| UltraShort Technology ProShares (REW) | +0.83% | +94.34 |
| UltraShort Utilities ProShares (SDP) | -2.33% | -266.12 |
| Short MSCI Emerging Markets ProShares (EUM) | +0.07% | +8.11 |
| Short MSCI EAFE ProShares (EFZ) | -0.65% | -74.70 |
| UltraShort MSCI EAFE ProShares (EFU) | -0.88% | -100.37 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | -0.41% | -46.96 |
| UltraShort MSCI Japan ProShares (EWV) | -1.14% | -129.85 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | +2.73% | +311.24 |
| Ultra QQQ ProShares (QLD) | -0.94% | -107.81 |
| Ultra Dow30 ProShares (DDM) | +0.10% | +11.20 |
| Ultra S&P500 ProShares (SSO) | +0.38% | +43.38 |
| Ultra MC400 ProShares (MVV) | -0.15% | -17.10 |
| Ultra SmallCap 600 ProShares (SAA) | -0.82% | -94.11 |
| Ultra Russell 2000 ProShares (UWM) | -2.42% | -275.83 |
| Ultra Russell 1000 Value ProShares (UVG) | +2.10% | +239.68 |
| Ultra Russell 1000 Growth ProShares (UKF) | +0.81% | +92.57 |
| Ultra Russell MidCap Value ProShares (UVU) | +1.25% | +143.03 |
| Ultra Russell MidCap Growth ProShares (UKW) | +0.12% | +13.34 |
| Ultra Russell 2000 Value ProShares (UVT) | -1.79% | -204.08 |
| Ultra Russell2000 Growth ProShares (UKK) | -1.90% | -217.42 |
| Ultra Basic Materials ProShares (UYM) | +1.98% | +226.10 |
| Ultra Consumer Goods ProShares (UGE) | -0.80% | -90.83 |
| Ultra Consumer Services ProShares (UCC) | +0.95% | +108.35 |
| Ultra Financials ProShares (UYG) | -2.55% | -291.11 |
| Ultra Health Care ProShares (RXL) | +0.05% | +5.55 |
| Ultra Industrials ProShares (UXI) | +0.59% | +67.26 |
| Ultra Oil & Gas ProShares (DIG) | +4.65% | +530.67 |
| Ultra Real Estate ProShares (URE) | -2.61% | -297.63 |
| Ultra Semiconductors ProShares (USD) | -1.40% | -160.03 |
| Ultra Technology ProShares (ROM) | -0.76% | -86.81 |
| Ultra Utilities ProShares (UPW) | +1.59% | +182.03 |
| Other ETFs | ||
| PowerShares DB Base Metals Double Short (BOM) | -4.88% | -557.35 |
| PowerShares DB Base Metals Double Long (BDD) | +10.90% | +1244.55 |
| PowerShares DB Base Metals Short (BOS) | -4.13% | -471.83 |
| PowerShares DB Crude Oil Double Short (DTO) | -7.85% | -895.83 |
| PowerShares DB Crude Oil Short (SZO) | -4.17% | -476.55 |
| PowerShares DB Crude Oil Double Long (DXO) | +10.36% | +1182.61 |
| PowerShares DB Crude Oil Long (OLO) | +6.15% | +702.53 |
Additional stock market commentary -- for subscribers only -- can be found here: Subscriber Notes (if you're reading this in plain text format or on the blog, visit the MyClues Home Page and click on "Subscriber Notes" in the Quick Links section at the top of the page).
Is Your ISP Censoring Your Email? Internet email is dying, being choked to death by spam and overzealous service providers. If you're not getting these updates via email and you should be, switch to RSS, the spam-free alternative. For instructions, just visit: http://www.marketclues.net/rss.html.
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· Quarter-Hourly Chart Comments
· Detailed Comments . . . .
Wednesday, August 20, 2008
America Needs a Depression
As Paul Farrell points out in a MarketWatch article:
Yes, a depression. Spelled: D-e-p-r-e-s-s-i-o-n. Wake up America, recessions don't work any more. Why?
Get serious folks. We had a 30-month recession not long ago. Eight years later the market's still barely at its 2000 peak, a loser. Worse, we're back in a new recession. But Washington politicians are keeping it a secret, feeding us doctored feel-good statistics as legendary political historian Kevin Phillips wrote in "Numbers Racket: Why the Economy is Worse Than We Know."
So we blindly refuse to bite the bullet and stop our out-of-control spiral into collapse. America needs a big wake-up call ... and it's coming soon, whether you like it or not!
It's a sick country stuck in a sick economy that can't recover from what ails it because it suffers from the fatal flaw of plutocracy: the elites of society want the good times to continue indefinitely no matter how much it costs the public as a whole.
Here, we are referring to the Power Elites, the two-headed dog which mismanages the US plutocracy. If you think there's a choice in this Fall's Election for President, you are sadly mistaken. There's no real difference between the Republican and the Democratic Parties. Vote for the left head or vote for the right head---it won't make a bit of difference because the Power Elites behind the throne runs the country. Your vote simply chooses which head sits in the White House. The term "President" has morphed to become a synonym for "Puppet".
The concentration of wealth among a smaller and smaller group of people inevitably leads to a reactionary philosophy which draws in upon itself in a fetal position, sucking its thumb and refusing to make the kind of investments which are required for a brighter future for everyone. Without rational leadership, the dog continues to mouth the same old phrases which will get one of the two heads elected and to be called "President".
The real problem is that America has lost its spirit of entrepreneurship. Those with wealth only invest in financial engineering, a leveraged investment that simply does what has already been proven to work, but doesn't innovate. Investments should be in research and development, not in financial engineering. The latter seeks to profit from rising prices, not innovation. And, when prices go in the other direction, as they are in the real estate markets, the dangers of seizing up the entire economy, which is happening now, become clear.
Contrast the current modus operandii with that of the 1960s, a time when America invested in science and engineering and made the first leap across that gulf between our home planet and our nearest neighbor, the Moon. The advances made via real investment in the 1960s are still paying dividends today. The only problem is that virtually no new research is being conducted nowadays. How are we going to have a bright future if we don't invest in new research? If the best use of our money is to send our kids to Harvard Business School, we might as well close up shop and turn the keys over to their new owners, who are undoubtedly from somewhere other than America.
So, we agree with Paul Farrell. What this country needs is a good, old-fashioned Depression to save itself. And, a complete overhaul of the power structure in Washington which wipes out both of the major parties. Perhaps it will take a Great Depression to wake up the American people to the reality of the situation.
The stock market paused in its flight to the downside to distribute shares to the bottom feeders on Wednesday:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | +0.61% | +68.88 |
| DIAMONDS TRUST SER 1 (DIA) | +0.48% | +53.97 |
| Ultra Dow30 ProShares (DDM) | +0.96% | +108.69 |
| UltraShort Dow30 ProShares (DXD) | -0.95% | -107.91 |
| S&P 500 (index) | +0.62% | +70.33 |
| S& P DEP RECEIPTS (SPY) | +0.47% | +53.60 |
| Ultra S&P500 ProShares (SSO) | +0.85% | +96.41 |
| UltraShort S&P500 ProShares (SDS) | -0.90% | -101.73 |
| NYSE Composite (index) | +0.78% | +89.05 |
| ISHARES NYSE CMP IDX (NYC) | +0.81% | +91.82 |
| S&P SmallCap 600 (index) | +0.09% | +9.77 |
| Ultra SmallCap 600 ProShares (SAA) | -0.58% | -65.52 |
| Short SmallCap 600 ProShares (SBB) | -0.18% | -20.70 |
| UltraShort SmallCap 600 ProShares (SDD) | -0.33% | -37.02 |
| Russell 2000 (index) | +0.18% | +20.05 |
| ISHARE RUS 2000 INDX (IWM) | +0.14% | +15.57 |
| Ultra Russell 2000 ProShares (UWM) | +0.29% | +32.47 |
| UltraShort Russell 2000 ProShares (TWM) | -0.54% | -61.69 |
| NASDAQ-100 (index) | +0.22% | +24.73 |
| NASDAQ 100 TR SER I (QQQQ) | +0.17% | +19.31 |
| Ultra QQQ ProShares (QLD) | -0.48% | -54.76 |
| UltraShort QQQ ProShares (QID) | +0.35% | +39.19 |
| S&P MidCap 400 (index) | +0.41% | +46.64 |
| ISHARE SP MC 400 INX (IJH) | +0.42% | +48.11 |
| Ultra MC400 ProShares (MVV) | +0.60% | +68.41 |
| UltraShort MC400 ProShares (MZZ) | -0.66% | -75.25 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | +1.16% | +131.32 |
| Amex Gold (index) | -0.27% | -30.85 |
| MKT VECT GOLD MNRS (GDX) | -0.22% | -25.14 |
| STREETTRACKS GOLD TR (GLD) | -0.46% | -52.21 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | +0.68% | +77.59 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | -1.22% | -138.00 |
| Semiconductor Sector (index) | +0.30% | +34.53 |
| Ultra Semiconductors ProShares (USD) | -0.77% | -87.17 |
| UltraShort Semiconductors ProShares (SSG) | +0.47% | +53.21 |
| ISHARE DJ FIN SC INX (IYF) | +1.11% | +126.30 |
| ISHARES LEHMAN 20 YR (TLT) | +0.28% | +31.71 |
| ISHARESLEHMAN 7-10YR (IEF) | +0.29% | +33.13 |
| ISHARES LEH AGG FD (AGG) | +0.16% | +18.10 |
| ISHARES GS $ INVEST (LQD) | +0.01% | +1.12 |
| ISHARES LEHMAN 1-3YR (SHY) | +0.13% | +15.02 |
| ProShares ETFs | ||
| UltraShort Lehman 7-10 Year Treasury ProShares (PST) | -0.62% | -70.29 |
| UltraShort Lehman 20+ Year Treasury ProShares (TBT) | -0.18% | -20.45 |
| Short QQQ ProShares (PSQ) | +0.09% | +10.07 |
| Short Dow30 ProShares (DOG) | -0.47% | -53.72 |
| Short S&P500 ProShares (SH) | -0.61% | -69.21 |
| Short MC400 ProShares (MYY) | +0.16% | +18.22 |
| Short SmallCap 600 ProShares (SBB) | -0.18% | -20.70 |
| Short Russell 2000 ProShares (RWM) | -0.38% | -43.50 |
| UltraShort QQQ ProShares (QID) | +0.35% | +39.19 |
| UltraShort Dow30 ProShares (DXD) | -0.95% | -107.91 |
| UltraShort S&P500 ProShares (SDS) | -0.90% | -101.73 |
| UltraShort MC400 ProShares (MZZ) | -0.66% | -75.25 |
| UltraShort SmallCap 600 ProShares (SDD) | -0.33% | -37.02 |
| UltraShort Russell 2000 ProShares (TWM) | -0.54% | -61.69 |
| UltraShort Russell 1000 Value ProShares (SJF) | -1.48% | -168.11 |
| UltraShort Russell 1000 Growth ProShares (SFK) | -1.46% | -165.29 |
| UltraShort Russell MidCap Value ProShares (SJL) | -0.08% | -8.67 |
| UltraShort Russell MidCap Growth ProShares (SDK) | -0.96% | -108.99 |
| UltraShort Russell 2000 Value ProShares (SJH) | +0.01% | +1.36 |
| UltraShort Russell 2000 Growth ProShares (SKK) | -0.94% | -106.50 |
| UltraShort Basic Materials ProShares (SMN) | -4.35% | -493.82 |
| UltraShort Consumer Goods ProShares (SZK) | +0.55% | +61.93 |
| UltraShort Consumer Services ProShares (SCC) | +0.79% | +90.18 |
| UltraShort Financials ProShares (SKF) | -1.90% | -215.88 |
| UltraShort Health Care ProShares (RXD) | +0.78% | +88.22 |
| UltraShort Industrials ProShares (SIJ) | +0.58% | +65.81 |
| UltraShort Oil & Gas ProShares (DUG) | -5.29% | -599.87 |
| UltraShort Real Estate ProShares (SRS) | +0.56% | +63.39 |
| UltraShort Semiconductors ProShares (SSG) | +0.47% | +53.21 |
| UltraShort Technology ProShares (REW) | -0.72% | -81.93 |
| UltraShort Utilities ProShares (SDP) | -0.68% | -76.63 |
| Short MSCI Emerging Markets ProShares (EUM) | -2.54% | -288.03 |
| Short MSCI EAFE ProShares (EFZ) | -0.54% | -61.12 |
| UltraShort MSCI EAFE ProShares (EFU) | -1.36% | -153.90 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | -4.81% | -545.97 |
| UltraShort MSCI Japan ProShares (EWV) | -1.35% | -153.03 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | -10.32% | -1171.73 |
| Ultra QQQ ProShares (QLD) | -0.48% | -54.76 |
| Ultra Dow30 ProShares (DDM) | +0.96% | +108.69 |
| Ultra S&P500 ProShares (SSO) | +0.85% | +96.41 |
| Ultra MC400 ProShares (MVV) | +0.60% | +68.41 |
| Ultra SmallCap 600 ProShares (SAA) | -0.58% | -65.52 |
| Ultra Russell 2000 ProShares (UWM) | +0.29% | +32.47 |
| Ultra Russell 1000 Value ProShares (UVG) | -0.56% | -64.10 |
| Ultra Russell 1000 Growth ProShares (UKF) | +0.80% | +90.69 |
| Ultra Russell MidCap Value ProShares (UVU) | -1.26% | -143.07 |
| Ultra Russell MidCap Growth ProShares (UKW) | +0.94% | +107.06 |
| Ultra Russell 2000 Value ProShares (UVT) | +0.38% | +43.44 |
| Ultra Russell2000 Growth ProShares (UKK) | +1.53% | +173.44 |
| Ultra Basic Materials ProShares (UYM) | +4.71% | +534.54 |
| Ultra Consumer Goods ProShares (UGE) | -0.43% | -48.54 |
| Ultra Consumer Services ProShares (UCC) | -1.22% | -138.30 |
| Ultra Financials ProShares (UYG) | +2.03% | +230.28 |
| Ultra Health Care ProShares (RXL) | -0.84% | -94.84 |
| Ultra Industrials ProShares (UXI) | -0.05% | -5.73 |
| Ultra Oil & Gas ProShares (DIG) | +5.48% | +622.44 |
| Ultra Real Estate ProShares (URE) | +0.04% | +4.11 |
| Ultra Semiconductors ProShares (USD) | -0.77% | -87.17 |
| Ultra Technology ProShares (ROM) | +0.65% | +73.63 |
| Ultra Utilities ProShares (UPW) | +1.25% | +141.47 |
| Other ETFs | ||
| NASDAQ Internet Portfolio (PNQI) | -0.05% | -5.12 |
| PowerShares DB Base Metals Double Short (BOM) | -1.28% | -144.77 |
| PowerShares DB Base Metals Double Long (BDD) | -1.59% | -179.97 |
| PowerShares DB Base Metals Short (BOS) | -0.15% | -16.87 |
| PowerShares DB Crude Oil Double Short (DTO) | -1.31% | -148.19 |
| PowerShares DB Crude Oil Short (SZO) | -1.51% | -171.06 |
| PowerShares DB Crude Oil Double Long (DXO) | +2.67% | +303.30 |
Additional stock market commentary -- for subscribers only -- can be found here: Subscriber Notes (if you're reading this in plain text format or on the blog, visit the MyClues Home Page and click on "Subscriber Notes" in the Quick Links section at the top of the page).
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· Quarter-Hourly Chart Comments
· Detailed Comments . . . .
Tuesday, August 19, 2008
Things Really ARE Different This Time
The market continued to fall Tuesday as the monthly options cycle brought put buyers into the market to hedge against what is turning into a self-fulfilling prophecy. Put-buying causes put-writers to hedge by selling futures short, sending the market down via the magic of program trading. This is how a downward spiral starts.
An interesting factoid we learned recently via a report from Bridgewater Associates: It now costs banks more to raise long term capital than it costs the businesses they may lend to. It's the first time in history that's been true. Yes, there's always a first time and things really are different this time.
Pressure on Lehman is building up to the same kind of fever that it did in Bear Stearns earlier this year. In fact, in some respects, Lehman's condition is far worse than Bear's ever was. One difference: Lehman is an owner of the Federal Reserve. To our knowledge no owner of the Federal Reserve has ever gone belly-up. As we know, though, there's always a first time.
Ultimately, it may be the Federal Reserve Bank itself going belly-up. We can only hope for the day that happens. These perpetrators got off scot-free after causing the Great Depression. Wouldn't you love to see Ben Bernanke doing the "perp walk" on the Nightly News?
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | -1.14% | -130.84 |
| DIAMONDS TRUST SER 1 (DIA) | -1.25% | -143.75 |
| Ultra Dow30 ProShares (DDM) | -2.45% | -281.07 |
| UltraShort Dow30 ProShares (DXD) | +2.44% | +279.53 |
| S&P 500 (index) | -0.80% | -91.67 |
| S& P DEP RECEIPTS (SPY) | -1.11% | -127.79 |
| Ultra S&P500 ProShares (SSO) | -2.02% | -232.32 |
| UltraShort S&P500 ProShares (SDS) | +2.14% | +245.25 |
| NYSE Composite (index) | -0.84% | -96.18 |
| ISHARES NYSE CMP IDX (NYC) | -0.88% | -101.12 |
| S&P SmallCap 600 (index) | -1.61% | -184.94 |
| Ultra SmallCap 600 ProShares (SAA) | -3.33% | -382.37 |
| Short SmallCap 600 ProShares (SBB) | +2.19% | +251.84 |
| UltraShort SmallCap 600 ProShares (SDD) | +3.09% | +354.45 |
| Russell 2000 (index) | -1.61% | -184.73 |
| ISHARE RUS 2000 INDX (IWM) | -1.66% | -190.47 |
| Ultra Russell 2000 ProShares (UWM) | -3.41% | -391.32 |
| UltraShort Russell 2000 ProShares (TWM) | +3.61% | +414.10 |
| NASDAQ-100 (index) | -0.96% | -110.00 |
| NASDAQ 100 TR SER I (QQQQ) | -1.24% | -142.29 |
| Ultra QQQ ProShares (QLD) | -2.50% | -287.09 |
| UltraShort QQQ ProShares (QID) | +2.43% | +278.43 |
| S&P MidCap 400 (index) | -1.00% | -114.36 |
| ISHARE SP MC 400 INX (IJH) | -1.04% | -118.97 |
| Ultra MC400 ProShares (MVV) | -2.18% | -250.43 |
| UltraShort MC400 ProShares (MZZ) | +2.21% | +253.87 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | +0.13% | +14.78 |
| Amex Gold (index) | +2.52% | +289.83 |
| MKT VECT GOLD MNRS (GDX) | +2.85% | +326.95 |
| STREETTRACKS GOLD TR (GLD) | +2.07% | +237.45 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | -2.83% | -324.95 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | +4.86% | +557.59 |
| Semiconductor Sector (index) | -2.26% | -259.72 |
| Ultra Semiconductors ProShares (USD) | -2.53% | -290.35 |
| UltraShort Semiconductors ProShares (SSG) | +3.51% | +403.01 |
| ISHARE DJ FIN SC INX (IYF) | -2.65% | -304.37 |
| ISHARES LEHMAN 20 YR (TLT) | -0.39% | -44.24 |
| ISHARESLEHMAN 7-10YR (IEF) | -0.15% | -16.73 |
| ISHARES LEH AGG FD (AGG) | -0.08% | -9.15 |
| ISHARES GS $ INVEST (LQD) | -0.16% | -18.12 |
| ISHARES LEHMAN 1-3YR (SHY) | +0.07% | +8.29 |
| ProShares ETFs | ||
| UltraShort Lehman 7-10 Year Treasury ProShares (PST) | +0.16% | +18.65 |
| UltraShort Lehman 20+ Year Treasury ProShares (TBT) | +0.92% | +106.10 |
| Short QQQ ProShares (PSQ) | +1.08% | +123.54 |
| Short Dow30 ProShares (DOG) | +1.17% | +134.00 |
| Short S&P500 ProShares (SH) | +0.98% | +112.78 |
| Short MC400 ProShares (MYY) | +0.92% | +106.00 |
| Short SmallCap 600 ProShares (SBB) | +2.19% | +251.84 |
| Short Russell 2000 ProShares (RWM) | +1.54% | +177.12 |
| UltraShort QQQ ProShares (QID) | +2.43% | +278.43 |
| UltraShort Dow30 ProShares (DXD) | +2.44% | +279.53 |
| UltraShort S&P500 ProShares (SDS) | +2.14% | +245.25 |
| UltraShort MC400 ProShares (MZZ) | +2.21% | +253.87 |
| UltraShort SmallCap 600 ProShares (SDD) | +3.09% | +354.45 |
| UltraShort Russell 2000 ProShares (TWM) | +3.61% | +414.10 |
| UltraShort Russell 1000 Value ProShares (SJF) | +2.95% | +339.20 |
| UltraShort Russell 1000 Growth ProShares (SFK) | +1.35% | +155.34 |
| UltraShort Russell MidCap Value ProShares (SJL) | +4.61% | +529.72 |
| UltraShort Russell MidCap Growth ProShares (SDK) | +2.64% | +303.33 |
| UltraShort Russell 2000 Value ProShares (SJH) | +4.51% | +517.68 |
| UltraShort Russell 2000 Growth ProShares (SKK) | +2.71% | +311.19 |
| UltraShort Basic Materials ProShares (SMN) | -0.91% | -104.53 |
| UltraShort Consumer Goods ProShares (SZK) | +1.59% | +182.56 |
| UltraShort Consumer Services ProShares (SCC) | +4.19% | +480.45 |
| UltraShort Financials ProShares (SKF) | +5.17% | +593.82 |
| UltraShort Health Care ProShares (RXD) | +1.74% | +199.74 |
| UltraShort Industrials ProShares (SIJ) | +3.10% | +356.18 |
| UltraShort Oil & Gas ProShares (DUG) | -5.77% | -662.22 |
| UltraShort Real Estate ProShares (SRS) | +3.93% | +450.76 |
| UltraShort Semiconductors ProShares (SSG) | +3.51% | +403.01 |
| UltraShort Technology ProShares (REW) | +2.75% | +315.43 |
| UltraShort Utilities ProShares (SDP) | -0.88% | -100.62 |
| Short MSCI Emerging Markets ProShares (EUM) | +0.66% | +75.99 |
| Short MSCI EAFE ProShares (EFZ) | +0.94% | +107.90 |
| UltraShort MSCI EAFE ProShares (EFU) | +2.54% | +292.12 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | +1.78% | +204.62 |
| UltraShort MSCI Japan ProShares (EWV) | +2.63% | +301.96 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | +2.95% | +338.88 |
| Ultra QQQ ProShares (QLD) | -2.50% | -287.09 |
| Ultra Dow30 ProShares (DDM) | -2.45% | -281.07 |
| Ultra S&P500 ProShares (SSO) | -2.02% | -232.32 |
| Ultra MC400 ProShares (MVV) | -2.18% | -250.43 |
| Ultra SmallCap 600 ProShares (SAA) | -3.33% | -382.37 |
| Ultra Russell 2000 ProShares (UWM) | -3.41% | -391.32 |
| Ultra Russell 1000 Value ProShares (UVG) | -1.76% | -202.17 |
| Ultra Russell 1000 Growth ProShares (UKF) | -0.95% | -109.45 |
| Ultra Russell MidCap Value ProShares (UVU) | -2.84% | -326.31 |
| Ultra Russell MidCap Growth ProShares (UKW) | -1.72% | -197.35 |
| Ultra Russell 2000 Value ProShares (UVT) | -3.71% | -425.75 |
| Ultra Russell2000 Growth ProShares (UKK) | -2.57% | -294.50 |
| Ultra Basic Materials ProShares (UYM) | +1.01% | +116.24 |
| Ultra Consumer Goods ProShares (UGE) | -1.38% | -157.84 |
| Ultra Consumer Services ProShares (UCC) | -4.03% | -462.17 |
| Ultra Financials ProShares (UYG) | -5.13% | -589.27 |
| Ultra Health Care ProShares (RXL) | -1.60% | -183.36 |
| Ultra Industrials ProShares (UXI) | -2.56% | -293.57 |
| Ultra Oil & Gas ProShares (DIG) | +5.65% | +648.67 |
| Ultra Real Estate ProShares (URE) | -4.43% | -508.61 |
| Ultra Semiconductors ProShares (USD) | -2.53% | -290.35 |
| Ultra Technology ProShares (ROM) | -2.78% | -319.34 |
| Ultra Utilities ProShares (UPW) | +0.61% | +70.14 |
| Other ETFs | ||
| NASDAQ Internet Portfolio (PNQI) | -2.16% | -248.45 |
| PowerShares DB Base Metals Double Short (BOM) | -3.62% | -415.58 |
| PowerShares DB Base Metals Short (BOS) | -1.18% | -134.95 |
| PowerShares DB Crude Oil Double Short (DTO) | -3.18% | -364.53 |
| PowerShares DB Crude Oil Short (SZO) | -0.95% | -109.07 |
| PowerShares DB Crude Oil Double Long (DXO) | +5.34% | +612.68 |
Additional stock market commentary -- for subscribers only -- can be found here: Subscriber Notes (if you're reading this in plain text format or on the blog, visit the MyClues Home Page and click on "Subscriber Notes" in the Quick Links section at the top of the page).
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· Quarter-Hourly Chart Comments
· Detailed Comments . . . .
Monday, August 18, 2008
A Race to the Bottom
The US Dollar Index (really, just a mirror image of the Euro Currency) paused in its race to the sky on Monday. It had gotten very, very overbought and needed a technical pause for those who bought the dollar to take profits. However, being extremely overbought is not bearish, it's very bullish for further gains in the dollar down the road.
Despite the drop in oil prices on Monday, stocks sold off. While we had been expecting the market to top now, the proximate trigger was likely due more to profit-taking in US stocks and an article in Barron's (thanks, guys!) about how Fannie Mae and Freddie Mac were basically worth nothing to stockholders since the government would need to nationalize them in the near future, leaving current shareholders nothing. However, this suggests that the stock market could hang around this price area, supported by latecomers buying dips. Eventually, though, even they will realize that the entire planet is falling into the same recession the US economy succumbed to last year. Only an infusion of cash from the US government has blunted the recession---and that won't last long now that most of the checks have gone out.
Exports have been a real boon to the US economy. In fact---and this will surely surprise many---the US export sector is growing faster than even China. But, with the rest of the planet sinking into the mudhole of recession, how long can that sector provide support?
Although oil did not break out of its downtrend on Monday, it should do so very soon. A hurricane off the coast of Florida threatens to disrupt production in the Gulf of Mexico and that would drive the supply/demand equation toward higher oil and gasoline prices in September. That would, in turn, drive stocks lower.
The market put in a solid down day on Monday:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | -1.55% | -180.51 |
| DIAMONDS TRUST SER 1 (DIA) | -1.38% | -161.00 |
| Ultra Dow30 ProShares (DDM) | -2.77% | -323.23 |
| UltraShort Dow30 ProShares (DXD) | +2.75% | +320.91 |
| S&P 500 (index) | -1.48% | -172.90 |
| S& P DEP RECEIPTS (SPY) | -1.34% | -156.71 |
| Ultra S&P500 ProShares (SSO) | -2.73% | -318.38 |
| UltraShort S&P500 ProShares (SDS) | +2.71% | +316.17 |
| NYSE Composite (index) | -1.21% | -141.60 |
| ISHARES NYSE CMP IDX (NYC) | -1.14% | -133.36 |
| S&P SmallCap 600 (index) | -1.52% | -176.75 |
| Ultra SmallCap 600 ProShares (SAA) | -3.27% | -381.76 |
| Short SmallCap 600 ProShares (SBB) | +0.87% | +101.18 |
| UltraShort SmallCap 600 ProShares (SDD) | +3.20% | +373.40 |
| Russell 2000 (index) | -1.57% | -183.36 |
| ISHARE RUS 2000 INDX (IWM) | -1.29% | -150.60 |
| Ultra Russell 2000 ProShares (UWM) | -2.93% | -342.02 |
| UltraShort Russell 2000 ProShares (TWM) | +2.93% | +341.59 |
| NASDAQ-100 (index) | -1.25% | -145.66 |
| NASDAQ 100 TR SER I (QQQQ) | -1.16% | -135.58 |
| Ultra QQQ ProShares (QLD) | -2.07% | -241.74 |
| UltraShort QQQ ProShares (QID) | +2.27% | +265.13 |
| S&P MidCap 400 (index) | -1.31% | -152.66 |
| ISHARE SP MC 400 INX (IJH) | -1.21% | -140.70 |
| Ultra MC400 ProShares (MVV) | -2.75% | -320.92 |
| UltraShort MC400 ProShares (MZZ) | +2.75% | +320.50 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | +1.50% | +175.22 |
| Amex Gold (index) | +1.91% | +223.15 |
| MKT VECT GOLD MNRS (GDX) | +1.50% | +175.29 |
| STREETTRACKS GOLD TR (GLD) | +1.51% | +175.73 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | -1.95% | -227.85 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | +3.85% | +448.46 |
| Semiconductor Sector (index) | -1.72% | -201.03 |
| Ultra Semiconductors ProShares (USD) | -3.57% | -416.34 |
| UltraShort Semiconductors ProShares (SSG) | +2.67% | +311.83 |
| ISHARE DJ FIN SC INX (IYF) | -2.96% | -345.17 |
| ISHARES LEHMAN 20 YR (TLT) | +0.40% | +46.37 |
| ISHARESLEHMAN 7-10YR (IEF) | +0.25% | +28.83 |
| ISHARES LEH AGG FD (AGG) | +0.17% | +19.78 |
| ISHARES GS $ INVEST (LQD) | +0.04% | +4.60 |
| ISHARES LEHMAN 1-3YR (SHY) | +0.08% | +9.84 |
| ProShares ETFs | ||
| UltraShort Lehman 7-10 Year Treasury ProShares (PST) | -0.46% | -53.15 |
| UltraShort Lehman 20+ Year Treasury ProShares (TBT) | -0.98% | -113.71 |
| Short QQQ ProShares (PSQ) | +1.05% | +122.58 |
| Short Dow30 ProShares (DOG) | +1.41% | +164.57 |
| Short S&P500 ProShares (SH) | +1.46% | +169.99 |
| Short MC400 ProShares (MYY) | +1.28% | +149.22 |
| Short SmallCap 600 ProShares (SBB) | +0.87% | +101.18 |
| Short Russell 2000 ProShares (RWM) | +1.55% | +181.06 |
| UltraShort QQQ ProShares (QID) | +2.27% | +265.13 |
| UltraShort Dow30 ProShares (DXD) | +2.75% | +320.91 |
| UltraShort S&P500 ProShares (SDS) | +2.71% | +316.17 |
| UltraShort MC400 ProShares (MZZ) | +2.75% | +320.50 |
| UltraShort SmallCap 600 ProShares (SDD) | +3.20% | +373.40 |
| UltraShort Russell 2000 ProShares (TWM) | +2.93% | +341.59 |
| UltraShort Russell 1000 Value ProShares (SJF) | +2.90% | +338.00 |
| UltraShort Russell 1000 Growth ProShares (SFK) | +2.68% | +312.57 |
| UltraShort Russell MidCap Value ProShares (SJL) | +0.29% | +33.39 |
| UltraShort Russell MidCap Growth ProShares (SDK) | +1.53% | +178.29 |
| UltraShort Russell 2000 Value ProShares (SJH) | +2.50% | +291.12 |
| UltraShort Russell 2000 Growth ProShares (SKK) | +3.73% | +435.36 |
| UltraShort Basic Materials ProShares (SMN) | +0.92% | +107.15 |
| UltraShort Consumer Goods ProShares (SZK) | +2.22% | +259.11 |
| UltraShort Consumer Services ProShares (SCC) | +3.20% | +373.58 |
| UltraShort Financials ProShares (SKF) | +5.65% | +658.85 |
| UltraShort Health Care ProShares (RXD) | +1.99% | +232.58 |
| UltraShort Industrials ProShares (SIJ) | +2.59% | +301.55 |
| UltraShort Oil & Gas ProShares (DUG) | +2.61% | +304.04 |
| UltraShort Real Estate ProShares (SRS) | +3.78% | +440.72 |
| UltraShort Semiconductors ProShares (SSG) | +2.67% | +311.83 |
| UltraShort Technology ProShares (REW) | +2.51% | +292.15 |
| UltraShort Utilities ProShares (SDP) | +0.27% | +31.67 |
| Short MSCI Emerging Markets ProShares (EUM) | +2.17% | +253.18 |
| Short MSCI EAFE ProShares (EFZ) | +0.80% | +93.17 |
| UltraShort MSCI EAFE ProShares (EFU) | +1.04% | +121.48 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | +4.41% | +514.45 |
| UltraShort MSCI Japan ProShares (EWV) | -1.42% | -165.15 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | +4.51% | +525.35 |
| Ultra QQQ ProShares (QLD) | -2.07% | -241.74 |
| Ultra Dow30 ProShares (DDM) | -2.77% | -323.23 |
| Ultra S&P500 ProShares (SSO) | -2.73% | -318.38 |
| Ultra MC400 ProShares (MVV) | -2.75% | -320.92 |
| Ultra SmallCap 600 ProShares (SAA) | -3.27% | -381.76 |
| Ultra Russell 2000 ProShares (UWM) | -2.93% | -342.02 |
| Ultra Russell 1000 Value ProShares (UVG) | -3.42% | -399.35 |
| Ultra Russell 1000 Growth ProShares (UKF) | -2.75% | -320.26 |
| Ultra Russell MidCap Value ProShares (UVU) | -3.05% | -355.31 |
| Ultra Russell MidCap Growth ProShares (UKW) | -3.03% | -353.79 |
| Ultra Russell 2000 Value ProShares (UVT) | -2.89% | -336.49 |
| Ultra Russell2000 Growth ProShares (UKK) | -3.55% | -413.61 |
| Ultra Basic Materials ProShares (UYM) | -0.87% | -101.01 |
| Ultra Consumer Goods ProShares (UGE) | -2.13% | -247.86 |
| Ultra Consumer Services ProShares (UCC) | -2.90% | -338.67 |
| Ultra Financials ProShares (UYG) | -5.64% | -657.12 |
| Ultra Health Care ProShares (RXL) | -1.82% | -211.83 |
| Ultra Industrials ProShares (UXI) | -3.14% | -366.57 |
| Ultra Oil & Gas ProShares (DIG) | -2.72% | -317.50 |
| Ultra Real Estate ProShares (URE) | -3.80% | -442.63 |
| Ultra Semiconductors ProShares (USD) | -3.57% | -416.34 |
| Ultra Technology ProShares (ROM) | -3.22% | -375.95 |
| Ultra Utilities ProShares (UPW) | +0.26% | +30.08 |
| Other ETFs | ||
| NASDAQ Internet Portfolio (PNQI) | -1.05% | -122.31 |
| PowerShares DB Base Metals Double Short (BOM) | +0.97% | +112.58 |
| PowerShares DB Base Metals Short (BOS) | +0.26% | +30.06 |
| PowerShares DB Crude Oil Double Short (DTO) | +1.46% | +170.45 |
| PowerShares DB Crude Oil Short (SZO) | +0.41% | +47.67 |
| PowerShares DB Crude Oil Double Long (DXO) | -3.23% | -377.19 |
Sunday, August 17, 2008
Is The Commodity Crash About to Reverse?
The last month has seen a crash in commodity prices of over 20%. And, this has pushed stock prices higher in a "reverse wave" action that has made stocks far more overvalued than they were even at the all-time highs last year.
The crash in commodities has been due to the belated realization that the recession which started in the US last year (and yet to be acknowledged by the media, who seem to be taking a "whistle past the graveyard" attitude) has spread to the rest of the world. Art Cashin, floor manager for UBS on the NYSE said Friday on CNBC that the world economy had "hit a wall" and economies around the world are "cratering." Blunt, but accurate.
There are a group of traders who have claimed that the commodities have not been in a bubble and that high commodity prices have not been due to excessive speculation. The past month's crash in commodity prices has proven us correct and proven those traders were simply "talking their book." In trying to fend off tighter regulations from the government, they were simply lying through their teeth about the true cause of sky-high commodity prices. They even had the government watchdog CFTC rationalizing for them that it was "supply and demand" which caused oil prices to double in a year. The CFTC finally threw in the towel and admitted that most of the "hedgers" they thought had driven prices up were really "speculators." The traders required to submit reports to the government had been lying about their status as speculators or hedgers. We suspect this won't be the last time people cheat in filling out government forms!
The rush of money out of losing bets in commodities has landed, to some extent anyway, in equities and bonds as safe havens, strangely enough. Bonds rallied despite obvious signs that inflation is out of control as traders realized that deflation is the bigger problem than inflation. Rising prices will soon turn to falling prices. Of course, motorists have been getting lower gasoline prices over the past few weeks and that has given them a window of opportunity. Unfortunately, the price of gasoline has dropped by only about half of the decline in crude oil. The military refers to that as a "snafu" as it's always the case that gasoline takes longer to fall than its raw input due to processing. And, margins of the refiners had been compressed at the bubble top---we're only now seeing them come back more toward their historical norms.
Gold has turned out to be a big disappointment to traders as it has broken key support at the 1980 high and continued lower. This constitutes a key reversal of the long term trend and targets much lower prices in the months ahead. Undoubtedly, there will be the inevitable bottom-feeders coming along to buy and send prices higher in the short term.
But, stocks have rallied on falling earnings as they discount the end of the recession that the media has failed to recognize yet. What if the recession isn't even halfway finished? And, what if the crash in commodities was only a correction in a longer term bubble---i.e., What if the bubble has not burst yet?
Stocks waddled along on Friday, closing mostly unchanged:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | +0.38% | +43.97 |
| DIAMONDS TRUST SER 1 (DIA) | +0.15% | +17.96 |
| Ultra Dow30 ProShares (DDM) | +0.71% | +82.45 |
| UltraShort Dow30 ProShares (DXD) | -0.75% | -86.54 |
| S&P 500 (index) | +0.45% | +52.83 |
| S& P DEP RECEIPTS (SPY) | +0.49% | +56.48 |
| Ultra S&P500 ProShares (SSO) | +0.90% | +104.20 |
| UltraShort S&P500 ProShares (SDS) | -0.96% | -111.80 |
| NYSE Composite (index) | -0.03% | -3.19 |
| ISHARES NYSE CMP IDX (NYC) | +0.03% | +3.02 |
| S&P SmallCap 600 (index) | +0.17% | +19.70 |
| Ultra SmallCap 600 ProShares (SAA) | +0.26% | +30.42 |
| Short SmallCap 600 ProShares (SBB) | +0.17% | +20.20 |
| UltraShort SmallCap 600 ProShares (SDD) | -0.50% | -58.34 |
| Russell 2000 (index) | -0.19% | -22.48 |
| ISHARE RUS 2000 INDX (IWM) | -0.27% | -30.85 |
| Ultra Russell 2000 ProShares (UWM) | -0.14% | -16.60 |
| UltraShort Russell 2000 ProShares (TWM) | +0.05% | +5.46 |
| NASDAQ-100 (index) | -0.12% | -14.37 |
| NASDAQ 100 TR SER I (QQQQ) | -0.19% | -21.67 |
| Ultra QQQ ProShares (QLD) | -0.08% | -9.85 |
| UltraShort QQQ ProShares (QID) | +0.03% | +3.00 |
| S&P MidCap 400 (index) | -0.05% | -5.51 |
| ISHARE SP MC 400 INX (IJH) | 0.00% | 0.00 |
| Ultra MC400 ProShares (MVV) | +0.71% | +82.17 |
| UltraShort MC400 ProShares (MZZ) | -0.40% | -46.64 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | -3.10% | -360.35 |
| Amex Gold (index) | -3.82% | -443.46 |
| MKT VECT GOLD MNRS (GDX) | -3.60% | -417.63 |
| STREETTRACKS GOLD TR (GLD) | -2.17% | -251.79 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | +3.12% | +363.00 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | -5.43% | -630.32 |
| Semiconductor Sector (index) | -0.18% | -20.33 |
| Ultra Semiconductors ProShares (USD) | +0.16% | +18.16 |
| UltraShort Semiconductors ProShares (SSG) | -0.18% | -21.19 |
| ISHARE DJ FIN SC INX (IYF) | +0.98% | +113.58 |
| ISHARES LEHMAN 20 YR (TLT) | +0.87% | +100.75 |
| ISHARESLEHMAN 7-10YR (IEF) | +0.37% | +43.25 |
| ISHARES LEH AGG FD (AGG) | +0.29% | +33.71 |
| ISHARES GS $ INVEST (LQD) | +0.23% | +26.43 |
| ISHARES LEHMAN 1-3YR (SHY) | +0.07% | +8.41 |
| ProShares ETFs | ||
| UltraShort Lehman 7-10 Year Treasury ProShares (PST) | -0.67% | -78.04 |
| UltraShort Lehman 20+ Year Treasury ProShares (TBT) | -1.43% | -166.63 |
| Short QQQ ProShares (PSQ) | +0.40% | +46.51 |
| Short Dow30 ProShares (DOG) | -0.33% | -38.66 |
| Short S&P500 ProShares (SH) | +0.12% | +13.84 |
| Short MC400 ProShares (MYY) | +0.10% | +11.45 |
| Short SmallCap 600 ProShares (SBB) | +0.17% | +20.20 |
| Short Russell 2000 ProShares (RWM) | +0.14% | +16.42 |
| UltraShort QQQ ProShares (QID) | +0.03% | +3.00 |
| UltraShort Dow30 ProShares (DXD) | -0.75% | -86.54 |
| UltraShort S&P500 ProShares (SDS) | -0.96% | -111.80 |
| UltraShort MC400 ProShares (MZZ) | -0.40% | -46.64 |
| UltraShort SmallCap 600 ProShares (SDD) | -0.50% | -58.34 |
| UltraShort Russell 2000 ProShares (TWM) | +0.05% | +5.46 |
| UltraShort Russell 1000 Value ProShares (SJF) | -1.38% | -159.81 |
| UltraShort Russell 1000 Growth ProShares (SFK) | -0.31% | -35.76 |
| UltraShort Russell MidCap Value ProShares (SJL) | -0.66% | -76.66 |
| UltraShort Russell MidCap Growth ProShares (SDK) | +0.11% | +12.93 |
| UltraShort Russell 2000 Value ProShares (SJH) | -0.40% | -45.93 |
| UltraShort Russell 2000 Growth ProShares (SKK) | +0.71% | +82.24 |
| UltraShort Basic Materials ProShares (SMN) | +2.44% | +283.00 |
| UltraShort Consumer Goods ProShares (SZK) | -1.59% | -184.14 |
| UltraShort Consumer Services ProShares (SCC) | -2.35% | -273.24 |
| UltraShort Financials ProShares (SKF) | -1.45% | -168.70 |
| UltraShort Health Care ProShares (RXD) | -1.19% | -138.04 |
| UltraShort Industrials ProShares (SIJ) | -1.10% | -127.61 |
| UltraShort Oil & Gas ProShares (DUG) | +3.56% | +414.07 |
| UltraShort Real Estate ProShares (SRS) | +0.98% | +113.61 |
| UltraShort Semiconductors ProShares (SSG) | -0.18% | -21.19 |
| UltraShort Technology ProShares (REW) | -0.02% | -2.01 |
| UltraShort Utilities ProShares (SDP) | -1.14% | -132.12 |
| Short MSCI Emerging Markets ProShares (EUM) | +1.29% | +149.37 |
| Short MSCI EAFE ProShares (EFZ) | +0.67% | +77.42 |
| UltraShort MSCI EAFE ProShares (EFU) | +1.31% | +151.85 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | +1.98% | +229.54 |
| UltraShort MSCI Japan ProShares (EWV) | +1.24% | +144.53 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | +3.69% | +429.08 |
| Ultra QQQ ProShares (QLD) | -0.08% | -9.85 |
| Ultra Dow30 ProShares (DDM) | +0.71% | +82.45 |
| Ultra S&P500 ProShares (SSO) | +0.90% | +104.20 |
| Ultra MC400 ProShares (MVV) | +0.71% | +82.17 |
| Ultra SmallCap 600 ProShares (SAA) | +0.26% | +30.42 |
| Ultra Russell 2000 ProShares (UWM) | -0.14% | -16.60 |
| Ultra Russell 1000 Value ProShares (UVG) | +0.87% | +101.01 |
| Ultra Russell 1000 Growth ProShares (UKF) | +0.07% | +8.13 |
| Ultra Russell MidCap Value ProShares (UVU) | +1.92% | +222.82 |
| Ultra Russell MidCap Growth ProShares (UKW) | +0.51% | +59.04 |
| Ultra Russell 2000 Value ProShares (UVT) | +0.36% | +41.73 |
| Ultra Russell2000 Growth ProShares (UKK) | -1.40% | -162.52 |
| Ultra Basic Materials ProShares (UYM) | -2.83% | -329.04 |
| Ultra Consumer Goods ProShares (UGE) | +0.89% | +103.95 |
| Ultra Consumer Services ProShares (UCC) | +2.16% | +251.39 |
| Ultra Financials ProShares (UYG) | +1.51% | +175.75 |
| Ultra Health Care ProShares (RXL) | +1.21% | +140.57 |
| Ultra Industrials ProShares (UXI) | +1.17% | +136.22 |
| Ultra Oil & Gas ProShares (DIG) | -3.27% | -380.29 |
| Ultra Real Estate ProShares (URE) | -0.50% | -57.73 |
| Ultra Semiconductors ProShares (USD) | +0.16% | +18.16 |
| Ultra Technology ProShares (ROM) | +1.00% | +115.68 |
| Ultra Utilities ProShares (UPW) | +1.21% | +140.25 |
| Other ETFs | ||
| PowerShares NASDAQ-100 BuyWrite Portfolio (PQBW) | +0.16% | +18.64 |
| NASDAQ Internet Portfolio (PNQI) | -0.17% | -20.27 |
| PowerShares DB Base Metals Double Short (BOM) | -1.36% | -158.04 |
| PowerShares DB Base Metals Double Long (BDD) | +3.21% | +373.23 |
| PowerShares DB Base Metals Short (BOS) | -0.55% | -63.82 |
| PowerShares DB Crude Oil Double Short (DTO) | +1.42% | +165.19 |
| PowerShares DB Crude Oil Short (SZO) | +1.35% | +156.43 |
| PowerShares DB Crude Oil Double Long (DXO) | -0.45% | -52.50 |
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· Quarter-Hourly Chart Comments
· Detailed Comments . . . .
Thursday, August 14, 2008
Monthly Options Expiration
We're here at the third Friday again and options will expire on their regular monthly schedule tomorrow. Usually, expiration week is quiet and the market has been gyrating in a relatively narrow range as speculators and hedgers roll positions to September. Note that there is an unusual five-week gap between August and September expirations. And, September is a quarter expiration of futures contracts as well, which means that month has a much larger open interest than August does (and a much larger tendency for derivatives to help move the market). While volatility has been declining going into August expiration, causing the VIX Index to decline, September is likely to see a big pickup in volatillity and cause that index to soar in coming days.
The market was relatively quiet on Thursday as the ships were easing into their berths:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | +0.72% | +82.97 |
| DIAMONDS TRUST SER 1 (DIA) | +0.84% | +96.90 |
| Ultra Dow30 ProShares (DDM) | +1.75% | +201.75 |
| UltraShort Dow30 ProShares (DXD) | -1.58% | -182.29 |
| S&P 500 (index) | +0.55% | +63.95 |
| S& P DEP RECEIPTS (SPY) | +0.72% | +83.37 |
| Ultra S&P500 ProShares (SSO) | +1.30% | +149.71 |
| UltraShort S&P500 ProShares (SDS) | -1.33% | -153.68 |
| NYSE Composite (index) | +0.13% | +14.57 |
| ISHARES NYSE CMP IDX (NYC) | +0.07% | +7.50 |
| S&P SmallCap 600 (index) | +0.75% | +86.16 |
| Ultra SmallCap 600 ProShares (SAA) | +1.47% | +169.60 |
| Short SmallCap 600 ProShares (SBB) | -0.32% | -36.64 |
| UltraShort SmallCap 600 ProShares (SDD) | -1.24% | -143.02 |
| Russell 2000 (index) | +0.81% | +93.94 |
| ISHARE RUS 2000 INDX (IWM) | +0.97% | +111.34 |
| Ultra Russell 2000 ProShares (UWM) | +2.00% | +231.12 |
| UltraShort Russell 2000 ProShares (TWM) | -2.12% | -244.18 |
| NASDAQ-100 (index) | +1.16% | +133.50 |
| NASDAQ 100 TR SER I (QQQQ) | +1.15% | +132.98 |
| Ultra QQQ ProShares (QLD) | +2.38% | +274.63 |
| UltraShort QQQ ProShares (QID) | -2.42% | -279.24 |
| S&P MidCap 400 (index) | +0.79% | +90.62 |
| ISHARE SP MC 400 INX (IJH) | +0.67% | +77.84 |
| Ultra MC400 ProShares (MVV) | +1.30% | +150.11 |
| UltraShort MC400 ProShares (MZZ) | -1.47% | -170.06 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | -0.72% | -83.36 |
| Amex Gold (index) | -4.45% | -512.81 |
| MKT VECT GOLD MNRS (GDX) | -4.04% | -465.76 |
| STREETTRACKS GOLD TR (GLD) | -2.71% | -312.50 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | +4.07% | +469.73 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | -6.00% | -691.72 |
| Semiconductor Sector (index) | +1.07% | +123.65 |
| Ultra Semiconductors ProShares (USD) | +1.69% | +194.81 |
| UltraShort Semiconductors ProShares (SSG) | -2.99% | -345.04 |
| ISHARE DJ FIN SC INX (IYF) | +2.17% | +250.18 |
| ISHARES LEHMAN 20 YR (TLT) | +0.64% | +74.24 |
| ISHARESLEHMAN 7-10YR (IEF) | +0.31% | +35.24 |
| ISHARES LEH AGG FD (AGG) | +0.24% | +27.76 |
| ISHARES GS $ INVEST (LQD) | +0.29% | +33.18 |
| ISHARES LEHMAN 1-3YR (SHY) | +0.04% | +4.18 |
| ProShares ETFs | ||
| UltraShort Lehman 7-10 Year Treasury ProShares (PST) | -0.65% | -75.30 |
| UltraShort Lehman 20+ Year Treasury ProShares (TBT) | -1.46% | -168.07 |
| Short QQQ ProShares (PSQ) | -1.22% | -140.97 |
| Short Dow30 ProShares (DOG) | -0.68% | -77.97 |
| Short S&P500 ProShares (SH) | -0.97% | -112.27 |
| Short MC400 ProShares (MYY) | -1.17% | -134.78 |
| Short SmallCap 600 ProShares (SBB) | -0.32% | -36.64 |
| Short Russell 2000 ProShares (RWM) | -0.79% | -90.58 |
| UltraShort QQQ ProShares (QID) | -2.42% | -279.24 |
| UltraShort Dow30 ProShares (DXD) | -1.58% | -182.29 |
| UltraShort S&P500 ProShares (SDS) | -1.33% | -153.68 |
| UltraShort MC400 ProShares (MZZ) | -1.47% | -170.06 |
| UltraShort SmallCap 600 ProShares (SDD) | -1.24% | -143.02 |
| UltraShort Russell 2000 ProShares (TWM) | -2.12% | -244.18 |
| UltraShort Russell 1000 Value ProShares (SJF) | -1.18% | -135.97 |
| UltraShort Russell 1000 Growth ProShares (SFK) | -0.76% | -88.07 |
| UltraShort Russell MidCap Value ProShares (SJL) | -2.65% | -305.35 |
| UltraShort Russell MidCap Growth ProShares (SDK) | -1.60% | -184.77 |
| UltraShort Russell 2000 Value ProShares (SJH) | -1.27% | -146.67 |
| UltraShort Russell 2000 Growth ProShares (SKK) | -1.76% | -203.21 |
| UltraShort Basic Materials ProShares (SMN) | +2.01% | +231.25 |
| UltraShort Consumer Goods ProShares (SZK) | -0.48% | -55.59 |
| UltraShort Consumer Services ProShares (SCC) | -3.10% | -357.41 |
| UltraShort Financials ProShares (SKF) | -4.74% | -546.15 |
| UltraShort Health Care ProShares (RXD) | -1.22% | -140.34 |
| UltraShort Industrials ProShares (SIJ) | -1.12% | -129.02 |
| UltraShort Oil & Gas ProShares (DUG) | +2.01% | +231.93 |
| UltraShort Real Estate ProShares (SRS) | -3.31% | -381.73 |
| UltraShort Semiconductors ProShares (SSG) | -2.99% | -345.04 |
| UltraShort Technology ProShares (REW) | -1.46% | -168.85 |
| UltraShort Utilities ProShares (SDP) | +1.75% | +202.07 |
| Short MSCI Emerging Markets ProShares (EUM) | -1.39% | -159.91 |
| Short MSCI EAFE ProShares (EFZ) | +0.43% | +49.25 |
| UltraShort MSCI EAFE ProShares (EFU) | +0.80% | +92.31 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | -2.81% | -324.11 |
| UltraShort MSCI Japan ProShares (EWV) | +0.87% | +100.59 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | -3.46% | -398.48 |
| Ultra QQQ ProShares (QLD) | +2.38% | +274.63 |
| Ultra Dow30 ProShares (DDM) | +1.75% | +201.75 |
| Ultra S&P500 ProShares (SSO) | +1.30% | +149.71 |
| Ultra MC400 ProShares (MVV) | +1.30% | +150.11 |
| Ultra SmallCap 600 ProShares (SAA) | +1.47% | +169.60 |
| Ultra Russell 2000 ProShares (UWM) | +2.00% | +231.12 |
| Ultra Russell 1000 Value ProShares (UVG) | +2.28% | +263.37 |
| Ultra Russell 1000 Growth ProShares (UKF) | +1.06% | +122.43 |
| Ultra Russell MidCap Value ProShares (UVU) | +0.97% | +111.69 |
| Ultra Russell MidCap Growth ProShares (UKW) | +1.20% | +138.42 |
| Ultra Russell 2000 Value ProShares (UVT) | +1.48% | +170.80 |
| Ultra Russell2000 Growth ProShares (UKK) | +2.47% | +284.29 |
| Ultra Basic Materials ProShares (UYM) | -2.17% | -250.26 |
| Ultra Consumer Goods ProShares (UGE) | +0.97% | +111.39 |
| Ultra Consumer Services ProShares (UCC) | +3.20% | +369.12 |
| Ultra Financials ProShares (UYG) | +4.60% | +530.45 |
| Ultra Health Care ProShares (RXL) | +1.89% | +217.92 |
| Ultra Industrials ProShares (UXI) | +1.15% | +133.06 |
| Ultra Oil & Gas ProShares (DIG) | -1.84% | -211.79 |
| Ultra Real Estate ProShares (URE) | +2.83% | +326.15 |
| Ultra Semiconductors ProShares (USD) | +1.69% | +194.81 |
| Ultra Technology ProShares (ROM) | +1.25% | +143.98 |
| Ultra Utilities ProShares (UPW) | -1.92% | -221.47 |
| Other ETFs | ||
| NASDAQ Internet Portfolio (PNQI) | +1.64% | +189.23 |
| PowerShares DB Base Metals Double Short (BOM) | +2.47% | +285.41 |
| PowerShares DB Base Metals Double Long (BDD) | -4.17% | -480.77 |
| PowerShares DB Base Metals Short (BOS) | +1.11% | +128.14 |
| PowerShares DB Crude Oil Double Short (DTO) | +2.13% | +245.91 |
| PowerShares DB Crude Oil Short (SZO) | +1.22% | +141.09 |
| PowerShares DB Crude Oil Double Long (DXO) | -2.05% | -236.15 |
Additional stock market commentary -- for subscribers only -- can be found here: Subscriber Notes (if you're reading this in plain text format or on the blog, visit the MyClues Home Page and click on "Subscriber Notes" in the Quick Links section at the top of the page).
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· Quarter-Hourly Chart Comments
· Detailed Comments . . . .
Wednesday, August 13, 2008
Hurricane Watch
Oil skittered higher out of a deeply-oversold condition on Wednesday. While this wasn't enough to turn the trend up and oil is still more than 20% off its high of just a month ago, it was a reminder of just how vulnerable the stock market and the economy are to a rebound in this commodity.
One of the largest risk factors for higher oil prices here is not just the oversold condition. It's the probability of a hurricane disrupting production in the Gulf of Mexico. We're now in the heart of hurricane season and conditions are ripe for a direct hit on offshore oil platforms should a storm track through the northern part of the Gulf of Mexico. Long range models are now suggesting that the last few days of August could see such a storm develop.
Of course, current computer models are not skillful at predicting storms out two weeks, so this is just a hint of the possibilities later in the month. However, the risk is very real and the stock market could be jolted by a supply shock similar to what we saw when hurricanes disrupted production in the Gulf a few years ago. It's something stock traders should keep an eye on.
Stocks continued to fall Wednesday, but reluctantly … a suggestion that a turn to the upside could be close at hand:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | -0.94% | -109.51 |
| DIAMONDS TRUST SER 1 (DIA) | -1.01% | -117.79 |
| Ultra Dow30 ProShares (DDM) | -2.18% | -254.05 |
| UltraShort Dow30 ProShares (DXD) | +2.10% | +244.04 |
| S&P 500 (index) | -0.33% | -38.46 |
| S& P DEP RECEIPTS (SPY) | -0.53% | -62.11 |
| Ultra S&P500 ProShares (SSO) | -0.92% | -106.69 |
| UltraShort S&P500 ProShares (SDS) | +0.96% | +111.62 |
| NYSE Composite (index) | -0.28% | -32.33 |
| ISHARES NYSE CMP IDX (NYC) | -0.26% | -30.21 |
| S&P SmallCap 600 (index) | +0.18% | +20.52 |
| Ultra SmallCap 600 ProShares (SAA) | +0.05% | +6.19 |
| Short SmallCap 600 ProShares (SBB) | -0.35% | -40.22 |
| UltraShort SmallCap 600 ProShares (SDD) | -0.42% | -48.52 |
| Russell 2000 (index) | +0.42% | +48.76 |
| ISHARE RUS 2000 INDX (IWM) | +0.36% | +42.30 |
| Ultra Russell 2000 ProShares (UWM) | +0.77% | +89.77 |
| UltraShort Russell 2000 ProShares (TWM) | -0.03% | -3.57 |
| NASDAQ-100 (index) | +0.01% | +1.44 |
| NASDAQ 100 TR SER I (QQQQ) | -0.21% | -24.36 |
| Ultra QQQ ProShares (QLD) | -0.36% | -41.72 |
| UltraShort QQQ ProShares (QID) | +0.25% | +29.44 |
| S&P MidCap 400 (index) | +0.30% | +35.36 |
| ISHARE SP MC 400 INX (IJH) | +0.36% | +41.58 |
| Ultra MC400 ProShares (MVV) | +0.59% | +68.50 |
| UltraShort MC400 ProShares (MZZ) | -0.66% | -76.95 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | +2.41% | +281.04 |
| Amex Gold (index) | +6.01% | +699.66 |
| MKT VECT GOLD MNRS (GDX) | +5.38% | +626.75 |
| STREETTRACKS GOLD TR (GLD) | +1.29% | +150.37 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | -1.85% | -215.34 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | +2.94% | +342.62 |
| Semiconductor Sector (index) | -0.58% | -67.94 |
| Ultra Semiconductors ProShares (USD) | -0.14% | -16.17 |
| UltraShort Semiconductors ProShares (SSG) | +1.85% | +215.53 |
| ISHARE DJ FIN SC INX (IYF) | -2.50% | -291.59 |
| ISHARES LEHMAN 20 YR (TLT) | -0.35% | -40.51 |
| ISHARESLEHMAN 7-10YR (IEF) | -0.21% | -24.98 |
| ISHARES LEH AGG FD (AGG) | -0.17% | -19.82 |
| ISHARES GS $ INVEST (LQD) | -0.52% | -60.90 |
| ISHARES LEHMAN 1-3YR (SHY) | -0.01% | -1.40 |
| ProShares ETFs | ||
| UltraShort Lehman 7-10 Year Treasury ProShares (PST) | +0.39% | +45.79 |
| UltraShort Lehman 20+ Year Treasury ProShares (TBT) | +0.69% | +80.29 |
| Short QQQ ProShares (PSQ) | +0.09% | +10.47 |
| Short Dow30 ProShares (DOG) | +0.86% | +100.56 |
| Short S&P500 ProShares (SH) | +0.22% | +25.82 |
| Short MC400 ProShares (MYY) | -0.03% | -3.78 |
| Short SmallCap 600 ProShares (SBB) | -0.35% | -40.22 |
| Short Russell 2000 ProShares (RWM) | -0.39% | -45.54 |
| UltraShort QQQ ProShares (QID) | +0.25% | +29.44 |
| UltraShort Dow30 ProShares (DXD) | +2.10% | +244.04 |
| UltraShort S&P500 ProShares (SDS) | +0.96% | +111.62 |
| UltraShort MC400 ProShares (MZZ) | -0.66% | -76.95 |
| UltraShort SmallCap 600 ProShares (SDD) | -0.42% | -48.52 |
| UltraShort Russell 2000 ProShares (TWM) | -0.03% | -3.57 |
| UltraShort Russell 1000 Value ProShares (SJF) | +1.16% | +135.10 |
| UltraShort Russell 1000 Growth ProShares (SFK) | -0.50% | -57.91 |
| UltraShort Russell MidCap Value ProShares (SJL) | +1.58% | +183.41 |
| UltraShort Russell MidCap Growth ProShares (SDK) | +0.10% | +11.17 |
| UltraShort Russell 2000 Value ProShares (SJH) | -0.39% | -45.27 |
| UltraShort Russell 2000 Growth ProShares (SKK) | -1.04% | -121.09 |
| UltraShort Basic Materials ProShares (SMN) | -7.04% | -819.16 |
| UltraShort Consumer Goods ProShares (SZK) | +1.27% | +148.11 |
| UltraShort Consumer Services ProShares (SCC) | +2.65% | +308.64 |
| UltraShort Financials ProShares (SKF) | +5.67% | +660.42 |
| UltraShort Health Care ProShares (RXD) | +0.84% | +97.48 |
| UltraShort Industrials ProShares (SIJ) | +0.67% | +77.91 |
| UltraShort Oil & Gas ProShares (DUG) | -5.91% | -688.05 |
| UltraShort Real Estate ProShares (SRS) | +3.19% | +371.32 |
| UltraShort Semiconductors ProShares (SSG) | +1.85% | +215.53 |
| UltraShort Technology ProShares (REW) | +0.24% | +27.82 |
| UltraShort Utilities ProShares (SDP) | -2.12% | -247.28 |
| Short MSCI Emerging Markets ProShares (EUM) | -0.64% | -74.03 |
| Short MSCI EAFE ProShares (EFZ) | +1.44% | +167.65 |
| UltraShort MSCI EAFE ProShares (EFU) | +2.96% | +345.18 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | -0.96% | -111.36 |
| UltraShort MSCI Japan ProShares (EWV) | +3.94% | +458.18 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | +2.12% | +247.01 |
| Ultra QQQ ProShares (QLD) | -0.36% | -41.72 |
| Ultra Dow30 ProShares (DDM) | -2.18% | -254.05 |
| Ultra S&P500 ProShares (SSO) | -0.92% | -106.69 |
| Ultra MC400 ProShares (MVV) | +0.59% | +68.50 |
| Ultra SmallCap 600 ProShares (SAA) | +0.05% | +6.19 |
| Ultra Russell 2000 ProShares (UWM) | +0.77% | +89.77 |
| Ultra Russell 1000 Value ProShares (UVG) | -1.26% | -146.46 |
| Ultra Russell 1000 Growth ProShares (UKF) | +0.71% | +82.98 |
| Ultra Russell MidCap Value ProShares (UVU) | -0.21% | -24.11 |
| Ultra Russell MidCap Growth ProShares (UKW) | +1.23% | +143.71 |
| Ultra Russell 2000 Value ProShares (UVT) | +0.18% | +21.26 |
| Ultra Russell2000 Growth ProShares (UKK) | +0.99% | +115.11 |
| Ultra Basic Materials ProShares (UYM) | +8.02% | +933.76 |
| Ultra Consumer Goods ProShares (UGE) | -1.20% | -139.77 |
| Ultra Consumer Services ProShares (UCC) | -2.88% | -335.84 |
| Ultra Financials ProShares (UYG) | -5.69% | -662.49 |
| Ultra Health Care ProShares (RXL) | -1.67% | -194.32 |
| Ultra Industrials ProShares (UXI) | -0.60% | -69.58 |
| Ultra Oil & Gas ProShares (DIG) | +5.74% | +667.79 |
| Ultra Real Estate ProShares (URE) | -2.85% | -331.43 |
| Ultra Semiconductors ProShares (USD) | -0.14% | -16.17 |
| Ultra Technology ProShares (ROM) | -0.38% | -44.55 |
| Ultra Utilities ProShares (UPW) | +2.09% | +243.46 |
| Other ETFs | ||
| NASDAQ Internet Portfolio (PNQI) | -0.57% | -66.73 |
| PowerShares DB Base Metals Double Short (BOM) | -4.37% | -508.39 |
| PowerShares DB Base Metals Double Long (BDD) | +7.48% | +871.41 |
| PowerShares DB Base Metals Short (BOS) | -2.24% | -261.34 |
| PowerShares DB Crude Oil Double Short (DTO) | -4.43% | -515.76 |
| PowerShares DB Crude Oil Short (SZO) | -2.69% | -312.84 |
| PowerShares DB Crude Oil Double Long (DXO) | +5.12% | +596.01 |
Additional stock market commentary -- for subscribers only -- can be found here: Subscriber Notes (if you're reading this in plain text format or on the blog, visit the MyClues Home Page and click on "Subscriber Notes" in the Quick Links section at the top of the page).
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· Quarter-Hourly Chart Comments
· Detailed Comments . . . .
Tuesday, August 12, 2008
You're Working For the Banks
Not many realize it, but banks are earning money from your labor. And, unless you're an official employee of one of them, they're not paying you one red cent for your labor.
Here's how the scam works:
As productivity in the society increases, the banks create new money which "sops up" this extra productivity by printing new dollars. As a society we are turning out more and more "widgets," but that extra production is stolen by the banks. If they didn't create new money, of course, prices would actually fall. On the other hand, if the banks print more new money than productivity increases justify, inflation results. But, the important point is that it is not the society which benefits from the increased productivity, but the banks themselves because they print new dollars. We see no logical reason why banks should be allowed to benefit from society's increased productivity. This is an unfair system. The extra wealth should be shared by the society as a whole.
Clearly, you are not only working for the banks, you are owned by them if you're in debt to them.
And, when banks get in trouble, who do they call? Their friendly stooges in government (Bernanke and Paulson, both bankers) who promptly cut them a check to cover the bank's imprudency. They've got you going and coming it seems. You produce more, they print more dollars. They invest unwisely and your tax dollars bail them out.
Banks are in big trouble and it's you who are paying to bail them out. So, tomorrow when you go to work, just think about who it is you're really working for.
The market retraced some of its recent gains as it learned that banks were going to be asking for more money from the Treasury than they've already gotten:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | -1.19% | -139.88 |
| DIAMONDS TRUST SER 1 (DIA) | -1.06% | -124.94 |
| Ultra Dow30 ProShares (DDM) | -2.12% | -249.84 |
| UltraShort Dow30 ProShares (DXD) | +2.04% | +240.01 |
| S&P 500 (index) | -1.10% | -129.35 |
| S& P DEP RECEIPTS (SPY) | -1.04% | -122.60 |
| Ultra S&P500 ProShares (SSO) | -2.12% | -250.29 |
| UltraShort S&P500 ProShares (SDS) | +2.18% | +256.91 |
| NYSE Composite (index) | -1.11% | -130.73 |
| ISHARES NYSE CMP IDX (NYC) | -0.99% | -116.55 |
| S&P SmallCap 600 (index) | -0.87% | -102.62 |
| Ultra SmallCap 600 ProShares (SAA) | -1.24% | -146.45 |
| Short SmallCap 600 ProShares (SBB) | +0.61% | +71.66 |
| UltraShort SmallCap 600 ProShares (SDD) | +2.02% | +237.50 |
| Russell 2000 (index) | -0.81% | -95.22 |
| ISHARE RUS 2000 INDX (IWM) | -0.75% | -88.13 |
| Ultra Russell 2000 ProShares (UWM) | -1.79% | -210.32 |
| UltraShort Russell 2000 ProShares (TWM) | +0.85% | +100.24 |
| NASDAQ-100 (index) | -0.01% | -1.09 |
| NASDAQ 100 TR SER I (QQQQ) | +0.10% | +12.34 |
| Ultra QQQ ProShares (QLD) | +0.29% | +33.58 |
| UltraShort QQQ ProShares (QID) | -0.15% | -17.85 |
| S&P MidCap 400 (index) | -0.99% | -116.61 |
| ISHARE SP MC 400 INX (IJH) | -1.01% | -119.22 |
| Ultra MC400 ProShares (MVV) | -1.95% | -229.43 |
| UltraShort MC400 ProShares (MZZ) | +1.95% | +229.60 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | -0.19% | -22.71 |
| Amex Gold (index) | +2.91% | +343.11 |
| MKT VECT GOLD MNRS (GDX) | +2.72% | +320.65 |
| STREETTRACKS GOLD TR (GLD) | -0.75% | -88.59 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | +0.99% | +117.15 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | -1.70% | -200.49 |
| Semiconductor Sector (index) | +0.30% | +35.90 |
| Ultra Semiconductors ProShares (USD) | +0.22% | +25.78 |
| UltraShort Semiconductors ProShares (SSG) | -0.31% | -36.56 |
| ISHARE DJ FIN SC INX (IYF) | -4.35% | -512.75 |
| ISHARES LEHMAN 20 YR (TLT) | +0.93% | +109.91 |
| ISHARESLEHMAN 7-10YR (IEF) | +0.69% | +81.72 |
| ISHARES LEH AGG FD (AGG) | +0.42% | +49.76 |
| ISHARES GS $ INVEST (LQD) | +0.61% | +71.36 |
| ISHARES LEHMAN 1-3YR (SHY) | +0.18% | +21.36 |
| ProShares ETFs | ||
| UltraShort Lehman 7-10 Year Treasury ProShares (PST) | -1.41% | -165.83 |
| UltraShort Lehman 20+ Year Treasury ProShares (TBT) | -1.93% | -227.20 |
| Short QQQ ProShares (PSQ) | -0.02% | -2.12 |
| Short Dow30 ProShares (DOG) | +1.10% | +129.97 |
| Short S&P500 ProShares (SH) | +1.15% | +135.65 |
| Short MC400 ProShares (MYY) | +1.28% | +151.03 |
| Short SmallCap 600 ProShares (SBB) | +0.61% | +71.66 |
| Short Russell 2000 ProShares (RWM) | +0.68% | +79.54 |
| UltraShort QQQ ProShares (QID) | -0.15% | -17.85 |
| UltraShort Dow30 ProShares (DXD) | +2.04% | +240.01 |
| UltraShort S&P500 ProShares (SDS) | +2.18% | +256.91 |
| UltraShort MC400 ProShares (MZZ) | +1.95% | +229.60 |
| UltraShort SmallCap 600 ProShares (SDD) | +2.02% | +237.50 |
| UltraShort Russell 2000 ProShares (TWM) | +0.85% | +100.24 |
| UltraShort Russell 1000 Value ProShares (SJF) | +3.43% | +404.62 |
| UltraShort Russell 1000 Growth ProShares (SFK) | +0.53% | +62.18 |
| UltraShort Russell MidCap Value ProShares (SJL) | +2.48% | +292.11 |
| UltraShort Russell MidCap Growth ProShares (SDK) | +1.36% | +160.41 |
| UltraShort Russell 2000 Value ProShares (SJH) | +1.39% | +163.31 |
| UltraShort Russell 2000 Growth ProShares (SKK) | +0.69% | +81.66 |
| UltraShort Basic Materials ProShares (SMN) | -0.42% | -49.29 |
| UltraShort Consumer Goods ProShares (SZK) | -1.04% | -122.46 |
| UltraShort Consumer Services ProShares (SCC) | +1.58% | +186.23 |
| UltraShort Financials ProShares (SKF) | +8.08% | +952.16 |
| UltraShort Health Care ProShares (RXD) | +0.20% | +23.86 |
| UltraShort Industrials ProShares (SIJ) | +1.71% | +201.46 |
| UltraShort Oil & Gas ProShares (DUG) | +0.47% | +55.23 |
| UltraShort Real Estate ProShares (SRS) | +3.35% | +394.15 |
| UltraShort Semiconductors ProShares (SSG) | -0.31% | -36.56 |
| UltraShort Technology ProShares (REW) | -0.03% | -4.02 |
| UltraShort Utilities ProShares (SDP) | +3.89% | +458.35 |
| Short MSCI Emerging Markets ProShares (EUM) | +1.52% | +178.88 |
| Short MSCI EAFE ProShares (EFZ) | +0.93% | +109.99 |
| UltraShort MSCI EAFE ProShares (EFU) | +1.73% | +203.58 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | +2.79% | +329.31 |
| UltraShort MSCI Japan ProShares (EWV) | +0.78% | +91.89 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | +6.59% | +776.56 |
| Ultra QQQ ProShares (QLD) | +0.29% | +33.58 |
| Ultra Dow30 ProShares (DDM) | -2.12% | -249.84 |
| Ultra S&P500 ProShares (SSO) | -2.12% | -250.29 |
| Ultra MC400 ProShares (MVV) | -1.95% | -229.43 |
| Ultra SmallCap 600 ProShares (SAA) | -1.24% | -146.45 |
| Ultra Russell 2000 ProShares (UWM) | -1.79% | -210.32 |
| Ultra Russell 1000 Value ProShares (UVG) | -4.03% | -475.05 |
| Ultra Russell 1000 Growth ProShares (UKF) | -1.14% | -134.90 |
| Ultra Russell MidCap Value ProShares (UVU) | -3.19% | -375.33 |
| Ultra Russell MidCap Growth ProShares (UKW) | -1.98% | -233.87 |
| Ultra Russell 2000 Value ProShares (UVT) | -1.35% | -159.18 |
| Ultra Russell2000 Growth ProShares (UKK) | -1.24% | -145.87 |
| Ultra Basic Materials ProShares (UYM) | +0.24% | +28.35 |
| Ultra Consumer Goods ProShares (UGE) | +0.76% | +89.54 |
| Ultra Consumer Services ProShares (UCC) | -1.93% | -227.38 |
| Ultra Financials ProShares (UYG) | -8.06% | -949.86 |
| Ultra Health Care ProShares (RXL) | -0.25% | -29.61 |
| Ultra Industrials ProShares (UXI) | -1.81% | -213.04 |
| Ultra Oil & Gas ProShares (DIG) | -1.00% | -117.72 |
| Ultra Real Estate ProShares (URE) | -3.88% | -457.35 |
| Ultra Semiconductors ProShares (USD) | +0.22% | +25.78 |
| Ultra Technology ProShares (ROM) | -0.03% | -3.76 |
| Ultra Utilities ProShares (UPW) | -3.70% | -435.63 |
| Other ETFs | ||
| NASDAQ Internet Portfolio (PNQI) | -0.53% | -62.01 |
| PowerShares DB Base Metals Double Short (BOM) | +3.81% | +448.46 |
| PowerShares DB Base Metals Double Long (BDD) | -8.05% | -948.77 |
| PowerShares DB Base Metals Short (BOS) | +2.45% | +288.44 |
| PowerShares DB Crude Oil Double Short (DTO) | +2.39% | +281.47 |
| PowerShares DB Crude Oil Short (SZO) | +1.73% | +203.85 |
| PowerShares DB Crude Oil Double Long (DXO) | -3.10% | -365.29 |
Additional stock market commentary -- for subscribers only -- can be found here: Subscriber Notes (if you're reading this in plain text format or on the blog, visit the MyClues Home Page and click on "Subscriber Notes" in the Quick Links section at the top of the page).
Is Your ISP Censoring Your Email? Internet email is dying, being choked to death by spam and overzealous service providers. If you're not getting these updates via email and you should be, switch to RSS, the spam-free alternative. For instructions, just visit: http://www.marketclues.net/rss.html.
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· Quarter-Hourly Chart Comments
· Detailed Comments . . . .
Monday, August 11, 2008
Bear Market Rally Runs Out of Gas
Is A Deflationary Depression Ahead?
The manic rally out of the deep oversold mid-July low ran out of gas due to a bounce in oil. Although oil closed lower, the bounce sent a shiver of fear throughout the bulls, leading them to bail on recent buys. It's clear that the market is inching toward a deep decline as the hopeful sideline money seems to be getting scarce.
Commodities continued to crash Monday. The Gold stocks are a leading sector to the downside. The Gold BUGS Index HUI has crashed 35% in just four weeks. Of course, we knew that there was great weakness coming in the sector well ahead of this crash and advised holders to sell their mining stocks. Our Accumulation-Distribution Study showed that, unlike last year's seasonal weakness in the mining stocks which was heavily bought by insiders, those same insiders were bailing out of their holdings this year just before the plunge picked up steam last month.
Is this crash in commodities a sign of a worsening recession---or even a deflationary depression getting started? If so, are soaring stock indices simply presenting themselves for a good short sale here? Well, let's just say that if there ever was a good time to break the law by engaging in naked short selling, this is exactly the right time to do so. Given the corrupt SEC, which refuses to enforce the laws against such activities, naked short selling has been the most profitable means for traders to make money on Wall Street in the last year and we suspect their profits are only beginning to soar. Restrictions on naked short selling in the bank stocks expire Wednesday, so get ready for the next waterfall decline in the market.
The last time we had a deflationary depression was in 1929-1949. The initial leg down in the stock market constituted a waterfall decline of almost 90% from 1929-1932. That leg was followed by a five-year bull market from 1932-1937 in which the market rose 324½%. Although it was just an intermission in the overall depression, until the late 'Nineties it was the largest bull market of the 20th Century. (That's a lesson for the bears: don't discount the prospect of a huge bull market coming right in the middle of your long-awaited deflationary depression.) It's always the case that bulls always will make more money than bears and the bull market right in the middle of a depression proves the point.
Despite that huge bull market, the market fell back and moved in a bear market from 1937-1949, a period which encompassed the second World War. That's the problem with deflationary depressions---they tend to include major wars. This time around, we have a prime suspect for the cause of the next World War: OIL. As oil grows scarce, countries will find it in their vital interests to claim as much oil as they can find. And, conflicting claims will create aggressive moves which in the past have always resulted in wars. In fact, the next major war may start in the Arctic Circle as the Russians defend their claims against the US, Canada, Denmark and Iceland.
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | +0.41% | +48.03 |
| DIAMONDS TRUST SER 1 (DIA) | +0.71% | +83.21 |
| Ultra Dow30 ProShares (DDM) | +1.37% | +160.85 |
| UltraShort Dow30 ProShares (DXD) | -1.32% | -155.28 |
| S&P 500 (index) | +0.76% | +89.11 |
| S& P DEP RECEIPTS (SPY) | +0.99% | +116.06 |
| Ultra S&P500 ProShares (SSO) | +1.91% | +223.92 |
| UltraShort S&P500 ProShares (SDS) | -1.95% | -229.05 |
| NYSE Composite (index) | +0.39% | +45.24 |
| ISHARES NYSE CMP IDX (NYC) | +0.27% | +31.74 |
| S&P SmallCap 600 (index) | +2.26% | +264.93 |
| Ultra SmallCap 600 ProShares (SAA) | +4.94% | +579.92 |
| Short SmallCap 600 ProShares (SBB) | -2.40% | -281.92 |
| UltraShort SmallCap 600 ProShares (SDD) | -5.14% | -603.02 |
| Russell 2000 (index) | +2.08% | +243.86 |
| ISHARE RUS 2000 INDX (IWM) | +2.39% | +280.84 |
| Ultra Russell 2000 ProShares (UWM) | +5.32% | +623.93 |
| UltraShort Russell 2000 ProShares (TWM) | -4.95% | -581.37 |
| NASDAQ-100 (index) | +1.01% | +119.05 |
| NASDAQ 100 TR SER I (QQQQ) | +0.91% | +106.63 |
| Ultra QQQ ProShares (QLD) | +2.09% | +244.96 |
| UltraShort QQQ ProShares (QID) | -2.00% | -235.15 |
| S&P MidCap 400 (index) | +0.93% | +108.70 |
| ISHARE SP MC 400 INX (IJH) | +1.15% | +134.56 |
| Ultra MC400 ProShares (MVV) | +1.94% | +227.75 |
| UltraShort MC400 ProShares (MZZ) | -2.26% | -265.27 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | +3.77% | +441.99 |
| Amex Gold (index) | -6.01% | -705.16 |
| MKT VECT GOLD MNRS (GDX) | -5.24% | -614.88 |
| STREETTRACKS GOLD TR (GLD) | -3.91% | -458.64 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | +6.75% | +792.60 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | -8.75% | -1026.45 |
| Semiconductor Sector (index) | +1.89% | +222.10 |
| Ultra Semiconductors ProShares (USD) | +3.03% | +355.88 |
| UltraShort Semiconductors ProShares (SSG) | -2.99% | -351.36 |
| ISHARE DJ FIN SC INX (IYF) | +2.13% | +250.41 |
| ISHARES LEHMAN 20 YR (TLT) | -0.96% | -112.24 |
| ISHARESLEHMAN 7-10YR (IEF) | -0.49% | -57.09 |
| ISHARES LEH AGG FD (AGG) | -0.25% | -29.43 |
| ISHARES GS $ INVEST (LQD) | -0.45% | -53.35 |
| ISHARES LEHMAN 1-3YR (SHY) | -0.13% | -15.58 |
| ProShares ETFs | ||
| UltraShort Lehman 7-10 Year Treasury ProShares (PST) | +1.13% | +132.94 |
| UltraShort Lehman 20+ Year Treasury ProShares (TBT) | +1.98% | +232.48 |
| Short QQQ ProShares (PSQ) | -0.91% | -106.68 |
| Short Dow30 ProShares (DOG) | -0.52% | -60.81 |
| Short S&P500 ProShares (SH) | -0.80% | -93.99 |
| Short MC400 ProShares (MYY) | -1.15% | -135.34 |
| Short SmallCap 600 ProShares (SBB) | -2.40% | -281.92 |
| Short Russell 2000 ProShares (RWM) | -2.36% | -277.16 |
| UltraShort QQQ ProShares (QID) | -2.00% | -235.15 |
| UltraShort Dow30 ProShares (DXD) | -1.32% | -155.28 |
| UltraShort S&P500 ProShares (SDS) | -1.95% | -229.05 |
| UltraShort MC400 ProShares (MZZ) | -2.26% | -265.27 |
| UltraShort SmallCap 600 ProShares (SDD) | -5.14% | -603.02 |
| UltraShort Russell 2000 ProShares (TWM) | -4.95% | -581.37 |
| UltraShort Russell 1000 Value ProShares (SJF) | -1.98% | -232.64 |
| UltraShort Russell 1000 Growth ProShares (SFK) | -0.28% | -32.50 |
| UltraShort Russell MidCap Value ProShares (SJL) | -2.69% | -316.01 |
| UltraShort Russell MidCap Growth ProShares (SDK) | -2.48% | -290.93 |
| UltraShort Russell 2000 Value ProShares (SJH) | -5.81% | -681.66 |
| UltraShort Russell 2000 Growth ProShares (SKK) | -3.75% | -440.08 |
| UltraShort Basic Materials ProShares (SMN) | +2.44% | +285.97 |
| UltraShort Consumer Goods ProShares (SZK) | -0.86% | -100.48 |
| UltraShort Consumer Services ProShares (SCC) | -4.40% | -516.18 |
| UltraShort Financials ProShares (SKF) | -4.25% | -499.12 |
| UltraShort Health Care ProShares (RXD) | -0.30% | -35.54 |
| UltraShort Industrials ProShares (SIJ) | -0.81% | -94.68 |
| UltraShort Oil & Gas ProShares (DUG) | +0.39% | +46.02 |
| UltraShort Real Estate ProShares (SRS) | -4.12% | -482.93 |
| UltraShort Semiconductors ProShares (SSG) | -2.99% | -351.36 |
| UltraShort Technology ProShares (REW) | -0.54% | -63.71 |
| UltraShort Utilities ProShares (SDP) | -2.02% | -236.79 |
| Short MSCI Emerging Markets ProShares (EUM) | +0.99% | +116.17 |
| Short MSCI EAFE ProShares (EFZ) | +0.08% | +9.71 |
| UltraShort MSCI EAFE ProShares (EFU) | +0.12% | +14.41 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | +2.16% | +252.93 |
| UltraShort MSCI Japan ProShares (EWV) | -1.03% | -120.33 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | +3.70% | +434.11 |
| Ultra QQQ ProShares (QLD) | +2.09% | +244.96 |
| Ultra Dow30 ProShares (DDM) | +1.37% | +160.85 |
| Ultra S&P500 ProShares (SSO) | +1.91% | +223.92 |
| Ultra MC400 ProShares (MVV) | +1.94% | +227.75 |
| Ultra SmallCap 600 ProShares (SAA) | +4.94% | +579.92 |
| Ultra Russell 2000 ProShares (UWM) | +5.32% | +623.93 |
| Ultra Russell 1000 Value ProShares (UVG) | +2.45% | +287.54 |
| Ultra Russell 1000 Growth ProShares (UKF) | +0.71% | +83.27 |
| Ultra Russell MidCap Value ProShares (UVU) | +2.35% | +275.57 |
| Ultra Russell MidCap Growth ProShares (UKW) | +1.28% | +150.53 |
| Ultra Russell 2000 Value ProShares (UVT) | +5.19% | +608.67 |
| Ultra Russell2000 Growth ProShares (UKK) | +3.69% | +432.80 |
| Ultra Basic Materials ProShares (UYM) | -2.78% | -326.18 |
| Ultra Consumer Goods ProShares (UGE) | +0.50% | +58.53 |
| Ultra Consumer Services ProShares (UCC) | +4.13% | +485.02 |
| Ultra Financials ProShares (UYG) | +4.06% | +476.49 |
| Ultra Health Care ProShares (RXL) | +0.43% | +49.97 |
| Ultra Industrials ProShares (UXI) | +0.78% | +91.91 |
| Ultra Oil & Gas ProShares (DIG) | +0.09% | +10.40 |
| Ultra Real Estate ProShares (URE) | +4.00% | +469.84 |
| Ultra Semiconductors ProShares (USD) | +3.03% | +355.88 |
| Ultra Technology ProShares (ROM) | +1.50% | +176.56 |
| Ultra Utilities ProShares (UPW) | +1.81% | +212.39 |
| Other ETFs | ||
| NASDAQ Internet Portfolio (PNQI) | +2.61% | +306.30 |
| PowerShares DB Base Metals Double Short (BOM) | +1.44% | +168.87 |
| PowerShares DB Base Metals Double Long (BDD) | +1.18% | +138.97 |
| PowerShares DB Base Metals Short (BOS) | +0.75% | +87.70 |
| PowerShares DB Crude Oil Double Short (DTO) | +0.18% | +21.33 |
| PowerShares DB Crude Oil Short (SZO) | 0.00% | 0.00 |
| PowerShares DB Crude Oil Double Long (DXO) | 0.00% | 0.00 |
Additional stock market commentary -- for subscribers only -- can be found here: Subscriber Notes (if you're reading this in plain text format or on the blog, visit the MyClues Home Page and click on "Subscriber Notes" in the Quick Links section at the top of the page).
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· Quarter-Hourly Chart Comments
· Detailed Comments . . . .
Sunday, August 10, 2008
Tumbling Oil Rescues the Stock Market
Oil prices tumbled Friday and more than offset the bearish news of further massive bank losses of capital. The result was that stocks soared. This relationship between oil and the stock market has not always been the case, nor will it always be the case in the future. But, for right now, almost all of the moves in the stock market are simply inverted moves in the oil market.
Where will the crashing oil market find a support level and bounce? We have a specific target and that target is reserved for subscribers. Here are Friday's results in the stock and bond markets:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | +2.65% | +302.89 |
| DIAMONDS TRUST SER 1 (DIA) | +2.16% | +246.43 |
| Ultra Dow30 ProShares (DDM) | +4.39% | +501.87 |
| UltraShort Dow30 ProShares (DXD) | -4.48% | -512.13 |
| S&P 500 (index) | +2.24% | +256.52 |
| S& P DEP RECEIPTS (SPY) | +1.92% | +219.66 |
| Ultra S&P500 ProShares (SSO) | +3.85% | +439.74 |
| UltraShort S&P500 ProShares (SDS) | -3.90% | -445.89 |
| NYSE Composite (index) | +1.46% | +167.14 |
| ISHARES NYSE CMP IDX (NYC) | +1.37% | +156.74 |
| S&P SmallCap 600 (index) | +2.93% | +334.49 |
| Ultra SmallCap 600 ProShares (SAA) | +5.30% | +605.96 |
| Short SmallCap 600 ProShares (SBB) | -1.75% | -199.99 |
| UltraShort SmallCap 600 ProShares (SDD) | -5.67% | -647.61 |
| Russell 2000 (index) | +2.93% | +334.73 |
| ISHARE RUS 2000 INDX (IWM) | +2.64% | +301.67 |
| Ultra Russell 2000 ProShares (UWM) | +4.65% | +531.59 |
| UltraShort Russell 2000 ProShares (TWM) | -4.67% | -533.52 |
| NASDAQ-100 (index) | +2.12% | +242.85 |
| NASDAQ 100 TR SER I (QQQQ) | +2.27% | +259.41 |
| Ultra QQQ ProShares (QLD) | +3.70% | +422.94 |
| UltraShort QQQ ProShares (QID) | -3.99% | -456.17 |
| S&P MidCap 400 (index) | +2.21% | +252.65 |
| ISHARE SP MC 400 INX (IJH) | +2.08% | +237.41 |
| Ultra MC400 ProShares (MVV) | +4.01% | +458.03 |
| UltraShort MC400 ProShares (MZZ) | -3.77% | -430.78 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | -6.86% | -784.34 |
| Amex Gold (index) | -5.73% | -654.55 |
| MKT VECT GOLD MNRS (GDX) | -6.35% | -725.48 |
| STREETTRACKS GOLD TR (GLD) | -1.93% | -220.42 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | +3.39% | +387.76 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | -3.88% | -443.61 |
| Semiconductor Sector (index) | +2.10% | +239.66 |
| Ultra Semiconductors ProShares (USD) | +3.54% | +405.06 |
| UltraShort Semiconductors ProShares (SSG) | -3.78% | -432.16 |
| ISHARE DJ FIN SC INX (IYF) | +2.88% | +329.31 |
| ISHARES LEHMAN 20 YR (TLT) | +0.27% | +31.15 |
| ISHARESLEHMAN 7-10YR (IEF) | -0.05% | -5.17 |
| ISHARES LEH AGG FD (AGG) | -0.15% | -17.17 |
| ISHARES GS $ INVEST (LQD) | +0.10% | +11.31 |
| ISHARES LEHMAN 1-3YR (SHY) | -0.08% | -9.65 |
| ProShares ETFs | ||
| UltraShort Lehman 7-10 Year Treasury ProShares (PST) | +0.20% | +23.29 |
| UltraShort Lehman 20+ Year Treasury ProShares (TBT) | -0.57% | -65.06 |
| Short QQQ ProShares (PSQ) | -2.21% | -253.06 |
| Short Dow30 ProShares (DOG) | -2.48% | -283.75 |
| Short S&P500 ProShares (SH) | -2.08% | -237.43 |
| Short MC400 ProShares (MYY) | -1.96% | -223.93 |
| Short SmallCap 600 ProShares (SBB) | -1.75% | -199.99 |
| Short Russell 2000 ProShares (RWM) | -2.83% | -323.39 |
| UltraShort QQQ ProShares (QID) | -3.99% | -456.17 |
| UltraShort Dow30 ProShares (DXD) | -4.48% | -512.13 |
| UltraShort S&P500 ProShares (SDS) | -3.90% | -445.89 |
| UltraShort MC400 ProShares (MZZ) | -3.77% | -430.78 |
| UltraShort SmallCap 600 ProShares (SDD) | -5.67% | -647.61 |
| UltraShort Russell 2000 ProShares (TWM) | -4.67% | -533.52 |
| UltraShort Russell 1000 Value ProShares (SJF) | -5.43% | -620.62 |
| UltraShort Russell 1000 Growth ProShares (SFK) | -3.48% | -397.35 |
| UltraShort Russell MidCap Value ProShares (SJL) | -4.77% | -544.82 |
| UltraShort Russell MidCap Growth ProShares (SDK) | -2.96% | -338.16 |
| UltraShort Russell 2000 Value ProShares (SJH) | -5.86% | -670.24 |
| UltraShort Russell 2000 Growth ProShares (SKK) | -4.20% | -480.50 |
| UltraShort Basic Materials ProShares (SMN) | +0.24% | +27.62 |
| UltraShort Consumer Goods ProShares (SZK) | -5.16% | -590.06 |
| UltraShort Consumer Services ProShares (SCC) | -7.46% | -852.56 |
| UltraShort Financials ProShares (SKF) | -5.65% | -646.16 |
| UltraShort Health Care ProShares (RXD) | -4.35% | -496.74 |
| UltraShort Industrials ProShares (SIJ) | -5.60% | -639.72 |
| UltraShort Oil & Gas ProShares (DUG) | +2.00% | +228.63 |
| UltraShort Real Estate ProShares (SRS) | -7.08% | -809.19 |
| UltraShort Semiconductors ProShares (SSG) | -3.78% | -432.16 |
| UltraShort Technology ProShares (REW) | -4.63% | -529.03 |
| UltraShort Utilities ProShares (SDP) | -1.99% | -227.88 |
| Short MSCI Emerging Markets ProShares (EUM) | -0.36% | -41.25 |
| Short MSCI EAFE ProShares (EFZ) | -0.46% | -52.48 |
| UltraShort MSCI EAFE ProShares (EFU) | -0.72% | -82.48 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | -0.48% | -55.21 |
| UltraShort MSCI Japan ProShares (EWV) | -2.31% | -263.53 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | -5.01% | -573.27 |
| Ultra QQQ ProShares (QLD) | +3.70% | +422.94 |
| Ultra Dow30 ProShares (DDM) | +4.39% | +501.87 |
| Ultra S&P500 ProShares (SSO) | +3.85% | +439.74 |
| Ultra MC400 ProShares (MVV) | +4.01% | +458.03 |
| Ultra SmallCap 600 ProShares (SAA) | +5.30% | +605.96 |
| Ultra Russell 2000 ProShares (UWM) | +4.65% | +531.59 |
| Ultra Russell 1000 Value ProShares (UVG) | +4.90% | +559.68 |
| Ultra Russell 1000 Growth ProShares (UKF) | +3.72% | +424.87 |
| Ultra Russell MidCap Value ProShares (UVU) | +6.35% | +726.24 |
| Ultra Russell MidCap Growth ProShares (UKW) | +3.80% | +433.90 |
| Ultra Russell 2000 Value ProShares (UVT) | +6.83% | +780.99 |
| Ultra Russell2000 Growth ProShares (UKK) | +4.99% | +570.70 |
| Ultra Basic Materials ProShares (UYM) | -0.08% | -9.43 |
| Ultra Consumer Goods ProShares (UGE) | +5.47% | +625.79 |
| Ultra Consumer Services ProShares (UCC) | +8.31% | +950.03 |
| Ultra Financials ProShares (UYG) | +5.46% | +624.02 |
| Ultra Health Care ProShares (RXL) | +5.30% | +605.65 |
| Ultra Industrials ProShares (UXI) | +6.11% | +697.98 |
| Ultra Oil & Gas ProShares (DIG) | -1.99% | -226.93 |
| Ultra Real Estate ProShares (URE) | +7.13% | +814.50 |
| Ultra Semiconductors ProShares (USD) | +3.54% | +405.06 |
| Ultra Technology ProShares (ROM) | +3.71% | +423.88 |
| Ultra Utilities ProShares (UPW) | +2.13% | +243.10 |
| Other ETFs | ||
| NASDAQ Internet Portfolio (PNQI) | +1.97% | +225.58 |
| PowerShares DB Base Metals Double Short (BOM) | +4.13% | +472.13 |
| PowerShares DB Base Metals Double Long (BDD) | -5.55% | -634.23 |
| PowerShares DB Crude Oil Double Short (DTO) | +7.14% | +816.27 |
| PowerShares DB Crude Oil Short (SZO) | +2.30% | +263.02 |
| PowerShares DB Crude Oil Double Long (DXO) | -6.04% | -690.24 |
Additional stock market commentary -- for subscribers only -- can be found here: Subscriber Notes (if you're reading this in plain text format or on the blog, visit the MyClues Home Page and click on "Subscriber Notes" in the Quick Links section at the top of the page).
Is Your ISP Censoring Your Email? Internet email is dying, being choked to death by spam and overzealous service providers. If you're not getting these updates via email and you should be, switch to RSS, the spam-free alternative. For instructions, just visit: http://www.marketclues.net/rss.html.
Subscriber Links: MyClues Home
· Quarter-Hourly Chart Comments
· Detailed Comments . . . .
Friday, August 08, 2008
Caving to Higher Oil Prices
Oil hiccuped a bit and stocks fell out of bed on Thursday. The technically-weak rally gave way to selling pressure. However, the market likely remains in a trading range as continuing earnings reports create more questions instead of more answers to what lies ahead for the economy.
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | -1.93% | -224.64 |
| DIAMONDS TRUST SER 1 (DIA) | -1.64% | -191.12 |
| Ultra Dow30 ProShares (DDM) | -3.42% | -399.03 |
| UltraShort Dow30 ProShares (DXD) | +3.39% | +395.28 |
| S&P 500 (index) | -1.61% | -187.97 |
| S& P DEP RECEIPTS (SPY) | -1.53% | -178.07 |
| Ultra S&P500 ProShares (SSO) | -3.15% | -366.60 |
| UltraShort S&P500 ProShares (SDS) | +2.99% | +348.50 |
| NYSE Composite (index) | -1.92% | -223.54 |
| ISHARES NYSE CMP IDX (NYC) | -1.86% | -216.60 |
| S&P SmallCap 600 (index) | -1.30% | -152.06 |
| Ultra SmallCap 600 ProShares (SAA) | -2.66% | -309.51 |
| Short SmallCap 600 ProShares (SBB) | +0.53% | +61.83 |
| UltraShort SmallCap 600 ProShares (SDD) | +2.93% | +341.53 |
| Russell 2000 (index) | -1.72% | -200.56 |
| ISHARE RUS 2000 INDX (IWM) | -1.49% | -174.07 |
| Ultra Russell 2000 ProShares (UWM) | -2.67% | -311.13 |
| UltraShort Russell 2000 ProShares (TWM) | +2.62% | +305.11 |
| NASDAQ-100 (index) | -0.77% | -89.86 |
| NASDAQ 100 TR SER I (QQQQ) | -0.77% | -89.99 |
| Ultra QQQ ProShares (QLD) | -0.96% | -112.08 |
| UltraShort QQQ ProShares (QID) | +1.03% | +120.28 |
| S&P MidCap 400 (index) | -1.51% | -175.74 |
| ISHARE SP MC 400 INX (IJH) | -1.49% | -173.43 |
| Ultra MC400 ProShares (MVV) | -2.58% | -300.43 |
| UltraShort MC400 ProShares (MZZ) | +2.91% | +339.02 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | +0.53% | +61.84 |
| Amex Gold (index) | -1.21% | -141.32 |
| MKT VECT GOLD MNRS (GDX) | -0.79% | -92.11 |
| STREETTRACKS GOLD TR (GLD) | -0.63% | -73.99 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | +1.25% | +145.21 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | -1.47% | -171.41 |
| Semiconductor Sector (index) | +1.54% | +179.35 |
| Ultra Semiconductors ProShares (USD) | +4.76% | +554.43 |
| UltraShort Semiconductors ProShares (SSG) | -3.64% | -424.60 |
| ISHARE DJ FIN SC INX (IYF) | -4.08% | -475.31 |
| ISHARES LEHMAN 20 YR (TLT) | +1.63% | +189.79 |
| ISHARESLEHMAN 7-10YR (IEF) | +0.94% | +109.11 |
| ISHARES LEH AGG FD (AGG) | +0.52% | +61.03 |
| ISHARES GS $ INVEST (LQD) | +0.83% | +96.50 |
| ISHARES LEHMAN 1-3YR (SHY) | +0.22% | +25.36 |
| ProShares ETFs | ||
| UltraShort Lehman 7-10 Year Treasury ProShares (PST) | -1.95% | -227.87 |
| UltraShort Lehman 20+ Year Treasury ProShares (TBT) | -3.34% | -389.63 |
| Short QQQ ProShares (PSQ) | +0.74% | +85.96 |
| Short Dow30 ProShares (DOG) | +1.75% | +204.49 |
| Short S&P500 ProShares (SH) | +1.43% | +166.56 |
| Short MC400 ProShares (MYY) | +1.32% | +154.24 |
| Short SmallCap 600 ProShares (SBB) | +0.53% | +61.83 |
| Short Russell 2000 ProShares (RWM) | +1.86% | +217.06 |
| UltraShort QQQ ProShares (QID) | +1.03% | +120.28 |
| UltraShort Dow30 ProShares (DXD) | +3.39% | +395.28 |
| UltraShort S&P500 ProShares (SDS) | +2.99% | +348.50 |
| UltraShort MC400 ProShares (MZZ) | +2.91% | +339.02 |
| UltraShort SmallCap 600 ProShares (SDD) | +2.93% | +341.53 |
| UltraShort Russell 2000 ProShares (TWM) | +2.62% | +305.11 |
| UltraShort Russell 1000 Value ProShares (SJF) | +4.28% | +498.35 |
| UltraShort Russell 1000 Growth ProShares (SFK) | +2.63% | +307.08 |
| UltraShort Russell MidCap Value ProShares (SJL) | +2.37% | +276.71 |
| UltraShort Russell MidCap Growth ProShares (SDK) | +2.30% | +268.08 |
| UltraShort Russell 2000 Value ProShares (SJH) | +3.61% | +420.76 |
| UltraShort Russell 2000 Growth ProShares (SKK) | +3.16% | +368.84 |
| UltraShort Basic Materials ProShares (SMN) | +3.19% | +371.32 |
| UltraShort Consumer Goods ProShares (SZK) | +3.18% | +370.82 |
| UltraShort Consumer Services ProShares (SCC) | +4.15% | +484.15 |
| UltraShort Financials ProShares (SKF) | +8.20% | +955.65 |
| UltraShort Health Care ProShares (RXD) | +2.60% | +303.57 |
| UltraShort Industrials ProShares (SIJ) | +2.49% | +289.68 |
| UltraShort Oil & Gas ProShares (DUG) | +2.38% | +276.84 |
| UltraShort Real Estate ProShares (SRS) | +4.36% | +507.83 |
| UltraShort Semiconductors ProShares (SSG) | -3.64% | -424.60 |
| UltraShort Technology ProShares (REW) | -0.10% | -11.31 |
| UltraShort Utilities ProShares (SDP) | +1.24% | +144.47 |
| Short MSCI Emerging Markets ProShares (EUM) | +2.92% | +340.58 |
| Short MSCI EAFE ProShares (EFZ) | +2.05% | +239.45 |
| UltraShort MSCI EAFE ProShares (EFU) | +4.03% | +469.50 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | +5.75% | +670.02 |
| UltraShort MSCI Japan ProShares (EWV) | +4.24% | +494.78 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | +11.49% | +1338.98 |
| Ultra QQQ ProShares (QLD) | -0.96% | -112.08 |
| Ultra Dow30 ProShares (DDM) | -3.42% | -399.03 |
| Ultra S&P500 ProShares (SSO) | -3.15% | -366.60 |
| Ultra MC400 ProShares (MVV) | -2.58% | -300.43 |
| Ultra SmallCap 600 ProShares (SAA) | -2.66% | -309.51 |
| Ultra Russell 2000 ProShares (UWM) | -2.67% | -311.13 |
| Ultra Russell 1000 Value ProShares (UVG) | -4.02% | -468.33 |
| Ultra Russell 1000 Growth ProShares (UKF) | -2.89% | -337.37 |
| Ultra Russell MidCap Value ProShares (UVU) | -4.63% | -539.13 |
| Ultra Russell MidCap Growth ProShares (UKW) | -3.25% | -378.75 |
| Ultra Russell 2000 Value ProShares (UVT) | -4.66% | -542.73 |
| Ultra Russell2000 Growth ProShares (UKK) | -3.16% | -368.54 |
| Ultra Basic Materials ProShares (UYM) | -3.32% | -387.35 |
| Ultra Consumer Goods ProShares (UGE) | -2.98% | -347.64 |
| Ultra Consumer Services ProShares (UCC) | -4.19% | -488.89 |
| Ultra Financials ProShares (UYG) | -8.33% | -970.50 |
| Ultra Health Care ProShares (RXL) | -3.32% | -387.41 |
| Ultra Industrials ProShares (UXI) | -2.99% | -349.03 |
| Ultra Oil & Gas ProShares (DIG) | -2.30% | -268.44 |
| Ultra Real Estate ProShares (URE) | -5.34% | -621.92 |
| Ultra Semiconductors ProShares (USD) | +4.76% | +554.43 |
| Ultra Technology ProShares (ROM) | +0.20% | +23.52 |
| Ultra Utilities ProShares (UPW) | -1.21% | -141.27 |
| Other ETFs | ||
| NASDAQ Internet Portfolio (PNQI) | -2.16% | -251.23 |
| PowerShares DB Base Metals Double Short (BOM) | +0.59% | +68.57 |
| PowerShares DB Base Metals Double Long (BDD) | -1.54% | -179.72 |
| PowerShares DB Crude Oil Double Short (DTO) | -2.13% | -248.08 |
| PowerShares DB Crude Oil Short (SZO) | -0.21% | -24.70 |
| PowerShares DB Crude Oil Double Long (DXO) | +1.40% | +162.76 |
Additional stock market commentary -- for subscribers only -- can be found here: Subscriber Notes (if you're reading this in plain text format or on the blog, visit the MyClues Home Page and click on "Subscriber Notes" in the Quick Links section at the top of the page).
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· Quarter-Hourly Chart Comments
· Detailed Comments . . . .
Thursday, August 07, 2008
Trudging Along, Stocks Grudgingly Rise
The bear market rally in stocks continued on Wednesday, but there wasn't a great deal of enthusiasm from buyers for the rally:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | +0.35% | +40.30 |
| DIAMONDS TRUST SER 1 (DIA) | +0.42% | +49.07 |
| Ultra Dow30 ProShares (DDM) | +0.87% | +101.20 |
| UltraShort Dow30 ProShares (DXD) | -0.90% | -104.73 |
| S&P 500 (index) | +0.34% | +38.96 |
| S& P DEP RECEIPTS (SPY) | +0.44% | +51.57 |
| Ultra S&P500 ProShares (SSO) | +0.90% | +103.97 |
| UltraShort S&P500 ProShares (SDS) | -0.79% | -91.88 |
| NYSE Composite (index) | +0.35% | +40.57 |
| ISHARES NYSE CMP IDX (NYC) | +0.94% | +109.70 |
| S&P SmallCap 600 (index) | +0.47% | +54.02 |
| Ultra SmallCap 600 ProShares (SAA) | +0.85% | +99.28 |
| Short SmallCap 600 ProShares (SBB) | -0.62% | -72.51 |
| UltraShort SmallCap 600 ProShares (SDD) | -1.44% | -167.72 |
| Russell 2000 (index) | +0.67% | +78.29 |
| ISHARE RUS 2000 INDX (IWM) | +0.50% | +58.11 |
| Ultra Russell 2000 ProShares (UWM) | +1.02% | +118.02 |
| UltraShort Russell 2000 ProShares (TWM) | -1.07% | -123.96 |
| NASDAQ-100 (index) | +1.36% | +158.11 |
| NASDAQ 100 TR SER I (QQQQ) | +1.52% | +177.03 |
| Ultra QQQ ProShares (QLD) | +3.03% | +351.43 |
| UltraShort QQQ ProShares (QID) | -2.91% | -338.30 |
| S&P MidCap 400 (index) | +0.73% | +84.66 |
| ISHARE SP MC 400 INX (IJH) | +0.75% | +87.06 |
| Ultra MC400 ProShares (MVV) | +1.16% | +134.80 |
| UltraShort MC400 ProShares (MZZ) | -1.70% | -197.25 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | -0.09% | -10.87 |
| Amex Gold (index) | +2.29% | +265.92 |
| MKT VECT GOLD MNRS (GDX) | +1.63% | +189.58 |
| STREETTRACKS GOLD TR (GLD) | +0.65% | +75.57 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | -1.16% | -135.29 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | +1.29% | +149.96 |
| Semiconductor Sector (index) | +1.10% | +128.32 |
| Ultra Semiconductors ProShares (USD) | +0.40% | +46.66 |
| UltraShort Semiconductors ProShares (SSG) | -1.18% | -136.58 |
| ISHARE DJ FIN SC INX (IYF) | -0.60% | -69.69 |
| ISHARES LEHMAN 20 YR (TLT) | -0.41% | -47.41 |
| ISHARESLEHMAN 7-10YR (IEF) | +0.03% | +3.98 |
| ISHARES LEH AGG FD (AGG) | -0.11% | -12.85 |
| ISHARES GS $ INVEST (LQD) | +0.15% | +17.41 |
| ISHARES LEHMAN 1-3YR (SHY) | +0.01% | +1.40 |
| ProShares ETFs | ||
| UltraShort Lehman 7-10 Year Treasury ProShares (PST) | +0.07% | +8.29 |
| UltraShort Lehman 20+ Year Treasury ProShares (TBT) | +0.78% | +90.81 |
| Short QQQ ProShares (PSQ) | -1.57% | -182.69 |
| Short Dow30 ProShares (DOG) | -0.38% | -43.75 |
| Short S&P500 ProShares (SH) | -0.32% | -37.53 |
| Short MC400 ProShares (MYY) | -0.75% | -87.43 |
| Short SmallCap 600 ProShares (SBB) | -0.62% | -72.51 |
| Short Russell 2000 ProShares (RWM) | -0.90% | -104.83 |
| UltraShort QQQ ProShares (QID) | -2.91% | -338.30 |
| UltraShort Dow30 ProShares (DXD) | -0.90% | -104.73 |
| UltraShort S&P500 ProShares (SDS) | -0.79% | -91.88 |
| UltraShort MC400 ProShares (MZZ) | -1.70% | -197.25 |
| UltraShort SmallCap 600 ProShares (SDD) | -1.44% | -167.72 |
| UltraShort Russell 2000 ProShares (TWM) | -1.07% | -123.96 |
| UltraShort Russell 1000 Value ProShares (SJF) | -0.47% | -54.65 |
| UltraShort Russell 1000 Growth ProShares (SFK) | -2.46% | -286.04 |
| UltraShort Russell MidCap Value ProShares (SJL) | +0.07% | +7.63 |
| UltraShort Russell MidCap Growth ProShares (SDK) | -1.84% | -213.18 |
| UltraShort Russell 2000 Value ProShares (SJH) | -0.57% | -66.11 |
| UltraShort Russell 2000 Growth ProShares (SKK) | -2.61% | -303.28 |
| UltraShort Basic Materials ProShares (SMN) | -4.50% | -522.40 |
| UltraShort Consumer Goods ProShares (SZK) | -1.11% | -128.88 |
| UltraShort Consumer Services ProShares (SCC) | +0.64% | +74.41 |
| UltraShort Financials ProShares (SKF) | +0.94% | +109.69 |
| UltraShort Health Care ProShares (RXD) | -1.31% | -152.52 |
| UltraShort Industrials ProShares (SIJ) | -0.79% | -91.80 |
| UltraShort Oil & Gas ProShares (DUG) | -4.31% | -500.68 |
| UltraShort Real Estate ProShares (SRS) | +1.27% | +147.97 |
| UltraShort Semiconductors ProShares (SSG) | -1.18% | -136.58 |
| UltraShort Technology ProShares (REW) | -3.30% | -383.14 |
| UltraShort Utilities ProShares (SDP) | -0.43% | -49.62 |
| Short MSCI Emerging Markets ProShares (EUM) | -1.37% | -158.87 |
| Short MSCI EAFE ProShares (EFZ) | -0.16% | -18.11 |
| UltraShort MSCI EAFE ProShares (EFU) | -0.13% | -14.72 |
| UltraShort MSCI Emerging Markets ProShares (EEV) | -3.10% | -359.61 |
| UltraShort MSCI Japan ProShares (EWV) | +1.77% | +205.77 |
| UltraShort FTSE/Xinhua China 25 ProShares (FXP) | -0.40% | -46.09 |
| Ultra QQQ ProShares (QLD) | +3.03% | +351.43 |
| Ultra Dow30 ProShares (DDM) | +0.87% | +101.20 |
| Ultra S&P500 ProShares (SSO) | +0.90% | +103.97 |
| Ultra MC400 ProShares (MVV) | +1.16% | +134.80 |
| Ultra SmallCap 600 ProShares (SAA) | +0.85% | +99.28 |
| Ultra Russell 2000 ProShares (UWM) | +1.02% | +118.02 |
| Ultra Russell 1000 Value ProShares (UVG) | +0.76% | +88.00 |
| Ultra Russell 1000 Growth ProShares (UKF) | +2.15% | +250.17 |
| Ultra Russell MidCap Value ProShares (UVU) | +2.42% | +280.63 |
| Ultra Russell MidCap Growth ProShares (UKW) | +3.01% | +349.69 |
| Ultra Russell 2000 Value ProShares (UVT) | +2.57% | +298.95 |
| Ultra Russell2000 Growth ProShares (UKK) | +2.91% | +338.41 |
| Ultra Basic Materials ProShares (UYM) | +4.20% | +487.48 |
| Ultra Consumer Goods ProShares (UGE) | +0.88% | +102.79 |
| Ultra Consumer Services ProShares (UCC) | -0.82% | -95.55 |
| Ultra Financials ProShares (UYG) | -1.02% | -119.03 |
| Ultra Health Care ProShares (RXL) | +0.96% | +111.09 |
| Ultra Industrials ProShares (UXI) | +1.01% | +117.76 |
| Ultra Oil & Gas ProShares (DIG) | +4.22% | +490.10 |
| Ultra Real Estate ProShares (URE) | -0.67% | -77.44 |
| Ultra Semiconductors ProShares (USD) | +0.40% | +46.66 |
| Ultra Technology ProShares (ROM) | +3.08% | +358.34 |
| Ultra Utilities ProShares (UPW) | +0.24% | +28.23 |
| Other ETFs | ||
| NASDAQ Internet Portfolio (PNQI) | +0.09% | +10.44 |
| PowerShares DB Base Metals Double Short (BOM) | +0.37% | +42.86 |
| PowerShares DB Base Metals Short (BOS) | -0.04% | -4.43 |
| PowerShares DB Crude Oil Double Short (DTO) | +0.45% | +51.89 |
| PowerShares DB Crude Oil Short (SZO) | +0.50% | +57.73 |
| PowerShares DB Crude Oil Double Long (DXO) | -0.53% | -62.05 |
Additional stock market commentary -- for subscribers only -- can be found here: Subscriber Notes (if you're reading this in plain text format or on the blog, visit the MyClues Home Page and click on "Subscriber Notes" in the Quick Links section at the top of the page).
Is Your ISP Censoring Your Email? Internet email is dying, being choked to death by spam and overzealous service providers. If you're not getting these updates via email and you should be, switch to RSS, the spam-free alternative. For instructions, just visit: http://www.marketclues.net/rss.html.
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· Quarter-Hourly Chart Comments
· Detailed Comments . . . .
Tuesday, August 05, 2008
A Massive Theft of US Assets by the Banks
The FOMC (Federal Open Market Committee) Meeting today ended with no change to monetary policy and hinted that the Fed sees no reason to be raising interest rates. As commodity prices fall in response to recessionary conditions in the US which are spreading to other areas of the planet, inflation expectations are coming down, leaving the Fed free to keep overnight rates banks charge each other to loan money at the 2% level. We have now transitioned smoothly from an era of rising inflation to an era of deflation. This is reminiscent of the last recession where the Fed kept rates low for too long in order to fight deflation, which kicked off a massive boom in real estate, resulting in a huge oversupply of houses and an inability for homeowners to pay when teaser rates skyrocketed. It's clear that the Fed is doing only what it needs to do to benefit the banks, their owners, while transferring the debt created in blowing those bubbles, currently estimated to be approximately $2 Trillion, to the taxpayer. This transfer of debt from the banks to the US citizen is an unprecedent and blatantly illegal theft of assets from every US citizen.
The Fed's response to every financial problem is to blow ever-larger asset bubbles. They refuse to allow the normal cleansing process to destroy the weak institutions, instead saddling the taxpayer with the bill to keep their banking buddies on the corporate welfare wagon. This has to stop right now.
We have to apologize for suggesting in the past that while the Fed might be a bad influence, it's the best alternative we have. That's clearly no longer the case, if it ever was, as the current banking crisis woefully indicates. We believe the time to get rid of the Fed is long past. Without the Fed, the economy and the taxpayer will be far better off in the long run and it's important that the Fed be abolished as soon as possible. And, with the abolishment of the Fed, the banks which have grown fat with taxpayer money should be allowed to fail and reduce their stock price to zero. That's the only way to really clean up the system and prevent a larger bubble from being blown, which is what is happening now.
Realistically, given that the Fed is probably too powerful to allow itself to be abolished, the Fed is going to continue this bubbling behavior until the US taxpayer has been cleaned out of funds to bail out the miscreants in the banking industry. When that happens, the country will be insolvent and unable to meet its obligations. The decline and fall of the US as a country is now well underway and there appears to be very few politicians willing to stand up to the mighty institution of the Fed and to tell it where to go.
As far as stocks were concerned, asset bubbles have always been one of the more lucrative plays on Wall Street and the statement released by the Fed made it clear that easy money would continue to flow:
| Security | Percentage Change | Change in Dow Industrials Points |
|---|---|---|
| Dow Industrials (index) | +2.94% | +331.62 |
| DIAMONDS TRUST SER 1 (DIA) | +2.78% | +313.95 |
| Ultra Dow30 ProShares (DDM) | +5.50% | +620.40 |
| UltraShort Dow30 ProShares (DXD) | -5.37% | -605.70 |
| S&P 500 (index) | +2.74% | +309.61 |
| S& P DEP RECEIPTS (SPY) | +2.69% | +303.27 |
| Ultra S&P500 ProShares (SSO) | +5.33% | +601.54 |
| UltraShort S&P500 ProShares (SDS) | -5.36% | -604.33 |
| NYSE Composite (index) | +2.46% | +277.30 |
| ISHARES NYSE CMP IDX (NYC) | +1.94% | +218.75 |
| S&P SmallCap 600 (index) | +2.97% | +334.64 |
| Ultra SmallCap 600 ProShares (SAA) | +6.06% | +684.23 |
| Short SmallCap 600 ProShares (SBB) | -2.87% | -323.84 |
| UltraShort SmallCap 600 ProShares (SDD) | -5.61% | -633.41 |
| Russell 2000 (index) | +2.40% | +270.83 |
| ISHARE RUS 2000 INDX (IWM) | +1.71% | +192.99 |
| Ultra Russell 2000 ProShares (UWM) | +4.60% | +518.89 |
| UltraShort Russell 2000 ProShares (TWM) | -4.65% | -525.09 |
| NASDAQ-100 (index) | +3.49% | +393.89 |
| NASDAQ 100 TR SER I (QQQQ) | +3.38% | +380.96 |
| Ultra QQQ ProShares (QLD) | +6.00% | +677.34 |
| UltraShort QQQ ProShares (QID) | -6.25% | -704.95 |
| S&P MidCap 400 (index) | +2.10% | +237.27 |
| ISHARE SP MC 400 INX (IJH) | +2.00% | +225.74 |
| Ultra MC400 ProShares (MVV) | +4.41% | +497.18 |
| UltraShort MC400 ProShares (MZZ) | -3.80% | -428.87 |
| GREENHAVEN Continuous Commodity Indx Fnd (GCC) | -0.62% | -69.94 |
| Amex Gold (index) | -5.57% | -627.99 |
| MKT VECT GOLD MNRS (GDX) | -5.44% | -613.69 |
| STREETTRACKS GOLD TR (GLD) | -2.34% | -263.73 |
| DEUTSCHE BANK DOUBLE SHORT GOLD (DZZ) | +4.23% | +477.51 |
| DEUTSCHE BANK DOUBLE LONG GOLD (DGP) | -4.69% | -528.69 |
| Semiconductor Sector (index) | +3.13% | +353.11 |
| Ultra Semiconductors ProShares (USD) | +2.21% | +249.67 |
| UltraShort Semiconductors ProShares (SSG) | -4.74% | -535.19 |
| ISHARE DJ FIN SC INX (IYF) | +4.37% | +493.07 |
| ISHARES LEHMAN 20 YR (TLT) | -0.74% | -84.02 |
| ISHARESLEHMAN 7-10YR (IEF) | -0.51% | -57.69 |
| ISHARES LEH AGG FD (AGG) | -0.17% | -19.26 |
| ISHARES GS $ INVEST (LQD) | -0.44% | -49.38 |
| ISHARES LEHMAN 1-3YR (SHY) | -0.05% | -5.45 |
| ProShares ETFs | ||
| UltraShort Lehman 7-10 Year Treasury ProShares (PST) | +0.63% | +71.35 |
| UltraShort Lehman 20+ Year Treasury ProShares (TBT) | +1.59% | +179.24 |
| Short QQQ ProShares (PSQ) | -3.31% | -373.37 |
| Short Dow30 ProShares (DOG) | -2.81% | -317.26 |
| Short S&P500 ProShares (SH) | -2.73% | -307.85 |
| Short MC400 ProShares (MYY) | -2.25% | -254.37 |
| Short SmallCap 600 ProShares (SBB) | -2.87% | -323.84 |
| Short Russell 2000 ProShares (RWM) | -2.12% | -239.52 |
| UltraShort QQQ ProShares (QID) | -6.25% | -704.95 |
| UltraShort Dow30 ProShares (DXD) | -5.37% | -605.70 |
| UltraShort S&P500 ProShares (SDS) | -5.36% | -604.33 |
| UltraShort MC400 ProShares (MZZ) | -3.80% | -428.87 |
| UltraShort SmallCap 600 ProShares (SDD) | -5.61% | -633.41 |
| UltraShort Russell 2000 ProShares (TWM) | -4.65% | -525.09 |
| UltraShort Russell 1000 Value ProShares (SJF) | -5.35% | -604.06 |
| UltraShort Russell 1000 Growth ProShares (SFK) | -4.52% | -510.43 |
| UltraShort Russell MidCap Value ProShares (SJL) | -5.23% | -590.02 |
| UltraShort Russell MidCap Growth ProShares (SDK) | -4.43% | -499.78 |
| UltraShort Russell 2000 Value ProShares (SJH) | -6.02% | -678.77 |
| UltraShort Russell 2000 Growth ProShares (SKK) | -3.85% | -434.96 |